In Costa Rica, the Basic Passive Rate dropped from 4.95% to 4.80%, a drop that was influenced by the behavior of public bank rates.
The Central Bank of Costa Rica published on the afternoon of Wednesday, February 26 that after registering a considerable drop the previous week, the Basic Liable Rate fell again, in this case by 0.15% and will remain at 4.80% until next Wednesday, March 4.
Although The Central Bank has been reducing the monetary policy rate to boost the issuance of bank credit, the speed with which the portfolio of loans in national currency grows continues to decrease.
Official data from the country's financial system indicate that by October 2017 the portfolio of loans in local currency grew to 14%, in the same month of 2018 the rate fell to 6% and by the tenth month of 2019 the increase was just 4%.
Because of the adjustments made by the Central Bank to interest rates in recent days, financial institutions in Costa Rica will be forced to raise interest rates on savings in local currency.
Arguing that forecasts suggest that inflation in 2019 could be above the upper limit of the target range, on November 1st the Central Bank of Costa Rica (BCCR) decided to raise the monetary policy rate from 5% to 5.25%.
For six-month term savings in colones, the Central Bank in Costa Rica is offering a return of 8.10%, a rate that is higher than that available at commercial banks.
In order to attract money from savers in colones in six months terms, the rates currently offered by financial institutions are 8.10% in the case of the Central Bank (Banco Central), 6.85% at Banco Nacional, 6.75% at Banco de Costa Rica and 6.40% in Promérica.
Entities have already registered increases in rates for loans and investments in local currency, adjusting to the increases that the Central Bank has made in the monetary policy rate and the rate for electronic deposits.
The increase has occurred in a generalized way in most of the interest rates offered by banks and financial institutions for loans and deposits in colones, days after the Central Bank raised the rate for deposits made through its electronic platform.
The passive base rate in colones fell from 4.80% to a record low of 4.70%, while the effective tax rate in dollars dropped from 1.98% to 1.91%.
The Central Bank of Costa Rica (BCCR) released late on Wednesday September 21, news that the passive base rate will stand at 4.70%, until Wednesday September 28. This is its lowest value so far this year.
The benchmark interest rate for loans and investments in the country has moved up to 6.5% and will stay at that level until at least the 19th of March.
The Central Bank of Costa Rica announced that as of Thursday, March 13th and until at least the 19th of the month, the passive base rate will be located at 6.50%.
The benchmark interest rate for loans and investments will rise 0.05%, as last week it stood at 6.45%, the lowest level since July 2008.
The reference rate for loans and investments will be located at 6.45% until at least Thursday 13 March.
The Central Bank of Costa Rica has announced that starting this June and at least until 13 March, the passive base rate will stand at 6.45%, the lowest level since July 2008.
"At that time, the rate maintained a level of 5.75%."
"The new percentage achieved by the indicator (6.45%) also means a decrease of 0.05 percentage points from its last level reached (6.50%), a level which it maintained for the last three weeks consecutively".
The main benchmark for loans will be located at 6.50% at least until March 5.
The Central Bank of Costa Rica announced that for the third consecutive week and at least until March 5th, the Passive Base Rate (TBP by its initials in Spanish) will stand at 6.50%.
"Since 13 February the TBP started at 6.50% and has remained unchanged since then."
"In 2014, TBP began at the same level (6.50%) and has since reached a maximum value of 6.55%."
The main benchmark rate for loans will remain at that level until at least February 26th.
The Central Bank of Costa Rica has announced that for the second consecutive week and at least until February 26th, the passive base rate will remain at 6.50%.
That level "was the lowest rate recorded during 2013 and was reached for the first time on September 5 of that year."
The main reference for interest rates on loans in Costa Rica will be set at 6.50% until at least 19 February.
The Central Bank of Costa Rica announced that at least until February 19 the passive base rate will be 6.50%, 0.05% less than the previous week when it stood at 6.55%.
"The level of 6.50% is the lowest rate registered during 2013 and was reached for the first time on September 5 of that year."