In Costa Rica, the Effective Rate in Dollars reported a new increase, in this case from 2.38% to 2.43%, and for its part the Basic Passive Rate fell to 5.55%.
The Central Bank of Costa Rica published on Wednesday afternoon December 4 that after recording an increase the previous week, the Basic Passive Rate reported a negative variation and will remain at 5.55% until next December 11.
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 growing supply of dollars in the local market, which is explained in part by the income of $1.5 billion from the recent issue of Eurobonds, so far in November the price per dollar in the wholesale market has been reduced at ₡16,55.
Official figures from the Central Bank of Costa Rica (BCCR) report a downward trend in recent weeks, as between November 5 and 22 the price has dropped from ₡585,52 to ₡568,97, equivalent to a 3% variation. See full figures.
The Basic Passive Rate remained at 5.60%, while the Effective Rate in Dollars reported a decrease, in this case from 2.39% to 2.33%.
The Central Bank of Costa Rica published on Wednesday afternoon November 20 that after recording an increase the previous week, the Basic Passive Rate did not change for the next few days and will remain at 5.6% until next November 27.
In the first nine months of the year, trading volume totaled $8.318 million, 20% lower than the same period in 2018.
From the NCB report:
In the third quarter of 2019, the volume of foreign exchange operations (purchases + sales) in the foreign exchange market totaled 2,671.7 million dollars, of which 1,361.1 million dollars corresponded to purchase operations of intermediary agents1 (US$1,401.1 million in the previous quarter), and 1,310.6 million dollars in sales (US$1,296.4 million in the previous quarter). Thus, the net result of operations in the exchange market was net purchases of 50.5 million dollars in the third quarter, as a result of a greater demand for cordobas by the economy.
The Basic Passive Rate rose from 5.50% to 5.60%, while the Effective Rate in Dollars also rose, in this case from 2.33% to 2.39%.
The Central Bank of Costa Rica published on Wednesday afternoon November 13 that after registering a decrease the previous week, the Basic Passive Rate rose by 0.10%, and will remain at 5.60% until next Wednesday November 20.
The Basic Passive Rate decreased from 5.65% to 5.50%, while the Effective Rate in Dollars also decreased, from 2.52% to 2.33%.
The Central Bank of Costa Rica published the afternoon of Wednesday November 6 that after not registering variations the previous week, the Basic Passive Rate fell by 0.15%, and will remain at 5.50% until next Wednesday November 13.
In Costa Rica, the growth of credit granted in U.S. currency to the private sector is the lowest in a decade.
Credit to the private sector does not show signs of recovery and, instead, the data available until August show an additional deterioration that took it to its lowest point in 10 years, reporting a year-on-year fall of -0.01%.
An analysis prepared by the advisory firm Frecuencia Económica indicates that the low growth is explained by the contraction of loans in dollars, since the portfolio in colones shows a 4.2% growth among the banking system, while the portfolio in dollars presents a fall of 3.9%.
While the Basic Passive Rate remained at 5.65% for the second week, the Effective Rate in Dollars reported a new increase, in this case from 2.49% to 2.52%.
The Central Bank of Costa Rica published on Wednesday afternoon October 30 that after recording an increase the previous week, the Basic Passive Rate will remain unchanged at 5.65% until next November 6.
The Basic Passive Rate rose from 5.55% to 5.65%, while the Effective Rate in Dollars also increased, in this case from 2.37% to 2.49%.
The Central Bank of Costa Rica published the afternoon of Wednesday October 23 that after registering a decrease the previous week, the Basic Passive Rate rose by 0.10%, and will remain at 5.65% until next Wednesday October 30.
In Costa Rica, the Basic Passive Rate fell to 5.55%, a level not reported since May 2016, and the Effective Rate in Dollars fell from 2.42% to 2.37%.
The Central Bank of Costa Rica published the afternoon of Wednesday October 16 that after not having reported movements the previous week, the Basic Passive Rate registered a new negative variation and will remain at 5.55% until next October 23.
The Basic Passive Rate decreased from 5.7% to 5.65%, while the Effective Rate in Dollars also reported a decrease, in this case from 2.48% to 2.36%.
The Central Bank of Costa Rica published on Wednesday afternoon October 2 that after recording an increase the previous week, the Basic Passive Rate fell by 0.05%, and will remain at 5.65% until next October 9.
The Basic Passive Rate went up from 5.65% to 5.70%, while the Effective Rate in Dollars also increased, in this case from 2.43% to 2.48%.
The Central Bank of Costa Rica published on Wednesday afternoon, September 25, that after registering a decrease the previous week, the Basic Passive Rate increased by 0.05%, and will remain at 5.70% until next Wednesday October 2.
In Costa Rica, the Basic Passive Rate fell to 5.65%, a level not reported since November 2018, and the Effective Rate in Dollars increased from 2.39% to 2.43%.
The Central Bank of Costa Rica published on Wednesday afternoon September 18 that after the rise reported the previous week, the Basic Passive Rate registered a new negative variation and will remain at 5.65% until next September 25.
The Basic Deposit Rate increased from 5.7% to 5.75%, while the Effective Rate in Dollars reported a new decrease, in this case from 2.47% to 2.39%.
The Central Bank of Costa Rica published on Wednesday afternoon September 11 that after registering a decrease the previous week, the Basic Passive Rate rose by 0.05%, and will remain at 5.75% until next September 18.