The SINPE payment system now allows for transfers to third parties to be credited on the same day that they are made.
The Central Bank of Costa Rica has modified the SINPE system so that the transfers made to others by direct debit are credited before 7 pm the same day they are made.
"According to the explanation by Carlos Melegatti, director of the Payment Systems Division, the change is an improvement to the system, its greatest benefit being that payroll payments are credited on the day of the transaction and not until the next day as is done in some institutions.
The Central Bank of Costa Rica reported that the main benchmark for loans will remain at that level until at least January 15.
Elfinancierocr.com reports: "The information represents an increase of 0.05 percentage points from its last recorded level, because the indicator started the year at a rate of 6.50%."
"According to the calculation of the Central bank, the rate increased is due to increases in deposit rates (savings) of public banks and mutual savings and loan companies."
The main indicator for loans in the country will remain at that level until at least December 19, 2013.
The Central Bank of Costa Rica reported that as of December 12 it will lower the PBR by 0.05% compared with the last recorded level which was 6.55%.
Elfinancierocr.com reports that "this percentage is the lowest recorded by the indicator so far in 2013 and it first reached this level on September 5."
Credit growth in dollars is causing concern about possible risks of devaluation and a rise in interest rates.
Nacion.com reports that: "Guillermo Quesada, President of the Chamber for Banking and Financial Institutions said that banks have been proactive and have already taken steps to address the risks."
"The president of the Central Bank is concerned about the further widening of the gap between total external liabilities of banks (debt that banks have bought in from outside) and assets (its holdings in the currency)."
From November 28 until December 4 the base rate will go from 6.60% to 6.55%.
Elfinancierocr.com reported that "it was on 25 July when the rate reached its present level (6.55%) for the first time so far this year. Since then, the rate has remained fluctuating between 6.60% and 6.50%. "
"The passive base rate is used as a guide for most loans in colones granted by financial institutions and is calculated based on the weighted performance rates of private and public banks and other financial intermediaries."
The Central Bank reports that, as of this November 14 and at least until 20 the TBP will drop from 6.60% to 6.55%.
Elfinancierocr.com reports: "The rate has been fluctuating between this percentage (6.60%) and the one reached on Wednesday (6.55%), since 12 October this year."
"The Base Rate is used as a guide for most loans in colones granted by financial institutions and is calculated based on the weighted performance of the rates of private and public banks and other financial intermediaries."
The Central Bank has reported that, as of this November 7th and at least until the 13th the PBR will rise from 6.55% to 6.60%.
Elfinancierocr.com reports: "According to the Central Bank's calculation, the rate increase is due to increases in deposit rates (savings) made by private banks and mutual savings and loan companies. Only credit unions decreased their yields, slightly, in the week the calculation was made. "
From the 24th until at least 30th of October the PBR will be lowered from 6.60% to 6.55%, said the country's central bank.
Nacion.com reports: "With this move, the rate once again reaches the percentage at which it has been constant since 12 September this year."
"For five consecutive weeks the rate remained at the same level of 6.55%, and was only interrupted last week when it recorded a rise and stood at 6.60% for a week".
The Central Bank of Costa Rica has reported that as of October 17th and until the 22nd the base rate will increase from 6.55% to 6.60%.
The PBR went up 0.50% after remaining for a month at 6.55%. In the same period of 2012, the rate stood at 10.75%.
Nacion.com reports: "The PBR is used as a guide for most loans in colones granted by financial institutions and is calculated using the weighted behavior rates of private and public banks and other financial intermediaries."
The Central Bank of Costa Rica has purchased $57 million in the wholesale market to keep the exchange rate from falling below ¢500 per dollar.
The operation is the second largest so far in 2013, after January 9, when the institution was forced to buy $78 million, and the first since August 19.
"During the past three weeks the exchange rate has shown its greatest volatility of the year ranging between ¢505 and ¢500" reports elfinancierocr.com.
The Central Bank of Costa Rica reported that for the third consecutive week, the passive base rate will remain at 6.55%.
Nacion.com reports: "With this result the indicator shows signs of stability, after hovering around the same percentage since August 8. It was only during the week of September 12 reported that the rate dropped and stood at 6.50% for a week ".
The Central Bank reported that as of the 12th and until at least the 18th of September the PBR will rise 0.05% going from 6.50% to 6.55%.
Elfinancierocr.com publica: “Según el cálculo del Banco Central de Costa Rica (BCCR), el indicador se incrementó por aumentos en las tasas de captación (ahorros) de los bancos públicos, cooperativas de ahorro y crédito y las mutuales.
The Central Bank has reported that starting from September 5 the PBR will be lowered by 0.05% going from 6.55% to 6.50%.
The passive base rate (PBR) has remained at 6.55% for four consecutive weeks. After this update made by state entity the PBR will remain at 6.50% until September 11th.
Elfinancierocr.com reports: "The PBR calculation is an average of the savings rates for five to seven months paid by banks and other financial institutions.