In recent weeks, the country's financial system has seen a considerable drop in the lending rate on new loan operations, which is partly explained by the reduction in the Monetary Policy Rate.
According to reports from the Central Bank of Honduras (BCH), between March 9 and April 10, 2020, the rate fell from 14.81% to 10.31%. This fall is being recorded in the context of the health crisis caused by the outbreak of covid-19.
The Central Bank of Costa Rica has started publishing the effective rate in dollars, which is a weighted average of the gross interest rates given for term deposits.
Calculation of the Effective Rate in Dollars
Week of 05/05/2016 to 11/05/2016
Public banks: Relative Weight: 0.4338 - Average Rate: 1.6084
Private Banks: Relative Weight: 0,5662- Average rate: 2.1677
A 100 basis point increase in the Monetary Policy Rate (MPR) decreed by the Central Bank of Honduras on 14 May, is the main reason behind this increase.
In January, banks charged 13.16% to loan money and now they charge 14.85%, while what they pay for deposits was reduced from 4.75% to 4.38%.
The weighted average interest rate which the banking system charges for loans in national currency, were at 14.85% at the end of September, according to the Superintendence of Banks (SIB). This represents an increase of 1.69 percentage points when compared to the amount recorded in January, when it was at 13.16%
The consulting firm Indesa forecasts that bank interest rates and bond rates will decline this year but will rise again in 2009 and 2010.
According to data that the firm has analyzed from Panama's Office of the Superintentent of Banks, the average interest rates for Panamanian bank bonds was 4.76 percent in 2007 and those of foreign banks was 4.33 percent. Indesa economists are saying these averages will fall to 4 percent and 3.25 percent.
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