The drop of one fourth percentage point is registered after three weeks in which the indicator was stable at 11.25%.
With this reduction, the rate reaches the same level observed in November of 2008.
Édgar Delgado publishes in Elfinancierocr.com: "The behavior of this indicator is important and not just because it provides a sign of what savers are receiving for their investments..."
Beginning today, the base passive was lowered one quarter-point from 11.75% to 11.50%.
For the second consecutive week, the base passive rate decreased and now sits at 11.50%. However, according to a note by El Financiero Costa Rica, “it has been moving up and down since last October, although with an upward trend."
The base passive rate is calculated by the Central Bank and is a weighted average of interest rates of savings in colones for periods ranging from 150 days (5 months) and 210 days (7 months).
This decline of 0.50 percentage points is the fourth non-consecutive reduction of the indicator so far this year.
El Financiero published on its website: "The TBP (Basic Passive Rate) is an average interest rate on money collection among financial institutions, the Ministry of Finance and the Central Bank in time periods between 150 and 210 days.
This is an important indicator because it reflects (on average) what the account holders are receiving for their investment in the market.”
The increase in the passive base rate, valid beggining today, is of 0.25%.
The person in charge of monetary and financial statistics for the Central Bank of Costa Rica, Pablo Villalobos, told la Nacion "that this week’s increase in the base rate was due to some brokers raising their rates and others lowering them, but increases weighed a little more on the average.”
As of today, the basic passive interest rate dropped by a quarter point, from 11.5% to 11.25%.
Nacion.com reports: "The basic passive rate was reduced for the second consecutive week this month.
The basic passive rate is calculated by the Central Bank and is a weighted average of the interest rates for savings in colones for terms of between 150 days (5 months) and 210 days (7 months)."
According to projections for 2009 by Banguat, lines of credit from abroad could fall to $50 million.
Sigloxxi.com reports on its webpage: "The Central Bank indicates that in 2008 correspondent banks made $188.2 million (Q1,411.5 million) available to the national banking system, however this year it could be only $50.0 million (Q375.0 million), a reduction of 73.6%.
The half point drop effective from today, is the first for the year after two consecutive increases.
Elfinanciero.com reports: "The Basic Passive Rate is an average of the rates paid for investments by financial entities, the Ministry of Housing, and the Central Bank for terms of 150 and 210 days.
Its behavior is important because its shows the average results gotten by consumers for their savings and deposits."
Starting today and until January 14, the indicator will be at 11.75%, according to the Central Bank.
Elfinancierocr.com reports, "According to the survey on economic perspectives published this week by the EF, most of the economists that were consulted believe that the indicator could reach 12% this year.
As of today, the basic passive rate will go up by 0.50 points to 11.50%, its highest since November 2006.
The basic passive rate is an average of the rates for savings in colones for terms of 150 days (5 months) and 210 days (7 months) and is calculated by the Central Bank.
The Central Bank uses this rate as a reference to control monetary policy and the commercial banks use it as a reference for loans.
The basic passive rate has remained close to 11% for almost a month with slight variations in either directions.
Starting today it will be lowered from 11.25% to 11%.
The basic passive rate is an average of the interest rates for saving in colones at terms of 150 days (5 months) and 210 days (7 months) and is calculated by the Central Bank.
Starting January anyone that is properly registered will be able to buy or sell their dollars directly in Monex-Central Directo.
This will be possible since the Bank decided to integrate the Foreign Currency Exchange Market (Monex) to the Central Directo platform, which until now was used by companies and investors to make deposits at the bank.
The objective of the Central Bank is to increase the number of participants in the exchange market so that it will operate more efficiently and so that the price of the dollar will better reflect the ...
They could participate as one more entity in the Foreign Currency Market, buying and selling Currency.
A resolution by the National Council for the Supervision of the Financial System (Conasif) allows for the expansion of the services offered by the exchanges to clients. Now their clients have the option of buy or selling dollars to these entities.
The rate increase of half a percentage point, effective today, bring the interest rate to 11.25% until November 26, the Central Bank reported.
Competition among financial intermediaries to attract resources from important clients is one of the main reasons that caused the basic passive rate to go up half a percentage point this week.
The basic passive rate will go up again today to 10.75%.
The 0.75 percentage point increase comes after three consecutive weeks of a downward trend in the index.
Pablo Villalobos, head of Monetary and Financial Statistics at the Central Bank, explained yesterday that the adjustment occurred because a certain bank had acquired a significant amount of funds for which it paid an interest rate that was higher than the normal market rate.