Less than a week after the last rise the Central Bank of Costa Rica has again increased interest rates on deposits offered by the electronic platform Direct Central.
Tuesday, February 14, 2012
From the BCCR’s press release:
PRESS
San Jose, February 14, 2012
Interest rates - electronic deposits
We report that the electronic deposit rates to term have changed as follows:
For deposits of between 60 and 89 days the rate has increased from 4.75% to 5%.
Between 90 and 179 days they have increased from 5.35% to 5.60%
Between 180 and 269 days, from 6.5% to 6.75%;
Between 270 and 359 days, from 6.8% to 7.05%
Between 360 and 1,079 days, from 7.20% to 7.45%.
These changes are effective as of February 14, 2012, and for the same reason as the previous adjustments, reflect the gap between the current rates offered by the electronic savings accounts compared to the returns offered by alternative investments in the domestic market.
Interest rates on other electronic deposits to term remain unchanged.
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Interest rates on Termed Electronic Deposits (DEP) of less than 180 days increased by one percentage point.
The one day rate (overnight deposits) reached 7.75%. It was previously at 6.75%.
An article in elfinancierocr.com stressed that the DEP's, which are supplied by the Central Bank of Costa Rica, may have higher rates than the state banks: "Central Direct offers an 8.65% rate for 30 day DEP's; an electronic deposit in the National Bank yields 6.35% for the same time period."