The new Central Bank methodology which establishes preferential rates for large public sector deposits could influence other rates in the financial system.
The new methodology implemented by the Central Bank of Costa Rica aims to set benchmarks for public banks to provide preferential rates to state entities, but which "... at the same time, do not have excessive returns so that the market does not feel pressure to up rates. "
The reference rate for investments and loans in the country dropped from 7% to 6.95% and will be located at that level until at least July 23.
The basic interest rate has gone down again to 6.95%, a level at which it stood for four consecutive weeks before rising to 7% last week.
The rate is calculated by the Central Bank of Costa Rica and is an average of the deposit rates given by financial institutions for savings with maturities of between 150 to 210 days.
The primary reference rate for loans and investments in the country went up by 5 basis points to 6.95% and will be located at this level at least until 18 June.
For the third consecutive week the passive base rate has risen, this is the indicator calculated by the Central Bank from the average deposits rate at financial institutions for maturities of between 150 to 210 days.
The Central Bank of Costa Rica has suggested creating a benchmark rate for dollars, similar to passive base rate applied to the local currency, the Colón.
With the proposal, the Central Bank aims to "reflect the cost faced by financial intermediaries in the country of having funds in dollars," taking into account references for interest rates where entities are funded abroad and other external factors.
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