Strong Decrease in Basic Passive Rate

After last week in Costa Rica the rate rose to 6.65%, a level that had not been recorded since August 2015, on July 10 abruptly decreased to 6%.

Friday, July 12, 2019

Data published by the Central Bank of Costa Rica on Wednesday afternoon, July 10, show that the Basic Passive Rate (PBS) decreased by 0.65%, and will remain at 6% until next July 17.

The basic passive rate is an average of the collection rates in colones of financial institutions with terms of 150 to 210 days.

See "Basic Passive Rate Keeps Going Up” and "Basic Passive Rate Reaches 2015 Levels

Reinaldo Herrera, director of Finance of the National Bank, indicated that "... a possible explanation is that depositors shorten their investment periods in the first week of July, and that this will reduce the average rate of capture in financial institutions."

Herrera added that "... This shortening of terms could be explained by the entry into force of Law 9.635 (Law to Strengthen Public Finances), because until June 30 there was the benefit of lengthening and having a lower income tax rate."

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More on this topic

Effective Rate in Dollars Keeps Rising

October 2019

While the Basic Passive Rate remained at 5.65% for the second week, the Effective Rate in Dollars reported a new increase, in this case from 2.49% to 2.52%.

The Central Bank of Costa Rica published on Wednesday afternoon October 30 that after recording an increase the previous week, the Basic Passive Rate will remain unchanged at 5.65% until next November 6.

Basic Passive Rate Goes Down to 5.9%

July 2019

The Basic Passive Rate decreased from 6% to 5.9%, while the Effective Rate in Dollars also decreased, from 2.71% to 2.64%.

After the PBS increased to 6.65%, a level not seen since August 2015, this is the second week in which declines are reported. This behavior was predicted by Douglas Soto, general manager of the Bank of Costa Rica (BCR), who weeks ago explained that the increase that was reported at that time was a "... cyclical behavior, and therefore, PBS will decrease soon."

Basic Passive Rate Reaches 2015 Levels

July 2019

Because savers in Costa Rica have moved their resources to longer terms, to avoid an increase in income tax, the Basic Passive Rate rose to 6.65%, a level not recorded since August 2015.

According to data published by the Central Bank of Costa Rica on Wednesday afternoon, July 3, the Basic Passive Rate (BPR) reports levels not reached since August 26, 2015, and will remain at 6.65% until next July 10.

Interest Rates Increase in Costa Rica

January 2019

The Basic Passive Rate increased from 6% to 6.05%, while the Effective Rate in Dollars went up from 2.52% to 2.57%.

The Central Bank of Costa Rica published on January 9 that after not registering variations last week, the Basic Passive Rate increased 0.05%, and the level at which it will remain until next Wednesday, January 16 is 6.05%.

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