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.
The basic passive rate dropped half a point to 10% between today and November 11, the Central Bank reported.
Week before last, the percentage had dropped from 11% to 10.75% and last week it went from 10.75% to 10%.
The basic passive rate is an average of the interest rates for savings in colones for terms between 150 days (5 months) and 210 days (7 months) calculated by the Central Bank.
The new Passive Basic Rate in Costa Rica now stands at 10.75%, down 0.25% from 11%.
This reduction means good news, at least for a week, for those who own loans indexed to the Basic Rate, as monthly payments will decrease.
Economist Alberto Franco considers that this small downward movement is normal, but it does not imply a shift in the upward trend of the interest rates in the country.
The passive basic rate goes up, starting today, by one percentage point, from 10% to 11%, the Central Bank reported today.
The passive basic rate is an average of the interest rates for savings in colones for terms between 150 days (5 months) and 210 days (7 months). With yesterday's increase, there have now been 13 increases since last May, which were interrupted last week with a drop of 0.25 points (10%).
After 12 consecutive increases since May, there was a reduction of 0.25% this week; the basic rate fell to 10%.
The basic passive rate is an average of the interest rates for savings in colones for terms of 150 days (5 months) and 210 days (7 months). It is used as a reference for loans.
Pablo Villalobos, head of Monetary and Financial Statistics at the Central Bank, explained that last week Central Bank and Government bonds expired and were not renewed, hence some commercial banks raised their rates in colones in order to attract those resources and they were able to acquire a lot of resources that were influential in the increase of the basic rate by 1 percentage point.
The basic passive rate, an average of the interest rates for savings, rose from 9.25 to 10.25%, the highest increase recorded in a single week since May.
The basic passive rate is an average of the interest rates for savings in colones at terms of 150 days (5 months) and 210 days (7 months). It is used as a reference for loans.
Pablo Villalobos, head of monetary and financial statistics at the Central Bank, stated that due to an extra element that occurred this week was that the bonds that expired last week, especially those from the Ministry of Finance were not renewed.
After several days of calm in Costa Rica's currency markets, the colón began to fall once again against the US dollar, which came within 10 Costa Rican cents of a record high. But the volatility was curbed by central bank intervention.
Costa Rica's banks were offering the US dollar at 528.52 colons on Thursday, up from 522.60 a day earlier. The central bank's reference exchange rate now stands at 523.80 to the dollar, within 10 cents of the 523.90 that prevailed from 14 to 17 October of last year.