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.
Up to July 2019, gross loans in the country totaled $12,840 million, 5% more than the amount reported in the same month of 2018.
With respect to the assets of the banking system, data from the Superintendence of the Financial System (SSF) detail that up to July of this year totaled $18.558 million, which represents a $1.016 million increase when compared to the balance of the same month in 2018.
Arguing that the country "fulfils all its commitments in terms of fiscal cooperation", the European Union decided to remove it from its list of nations and territories considered as non-cooperative.
Albania, Costa Rica, Mauritius, Serbia and Switzerland have implemented, ahead of schedule, all the reforms necessary to comply with the principles of good tax governance of the European Union (EU). These countries will be removed from Annex II of the Conclusions, according to an official statement dated 10 October 2020.
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.
Arguing that the economic activity reports a behavior attached to the forecasts of growth for 2019, the Central Bank decided to maintain in 2.75% the level of the leading interest rate of monetary policy.
The inflation forecasts for 2019 and 2020 are located within the tolerance margin of the goal established by the Monetary Board, was another of the arguments of the monetary authority to keep the reference rate without variations.
Up to July 2019, the gross portfolio of the financial system totaled $3,966 million, 20% less than in the same month in 2018, partially because of the negative performance of commercial, industrial and personal credit.
During the seventh month of the year in terms of composition, the current loan portfolio represented 88.7% of the gross portfolio, while the portfolio at risk represented 11.3%. On the other hand, provisions were equivalent to 2.1 times the past-due portfolio and 53.4% of the non-performing portfolio, reported the Central Bank of Nicaragua (BCN).
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.
Although the downward adjustments made months ago in the bank reserve and monetary policy rate do not yet appear to have had an effect on the loan portfolio in Costa Rica, banks expect credit to be reactivated soon.
As a result of the elimination of banking secrecy in Guatemala, the business sector announces that it will be alert to "respect due process and the confidentiality of taxpayers.
One year after having suspended access to taxpayers' bank information for fiscal purposes, at the beginning of August the Constitutional Court ruled definitively and revoked the suspension, so that in the coming weeks the changes will begin to apply.
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.
Between March and June 2019, the credit portfolio of banks in the national system decreased from $54.857 million to $54.282 million, explained by the decrease in loans granted to the industrial sector.
Regarding the year on year variation of the credit portfolio, in June was reported a 3% increase over the same month in 2018, derived from the rise of the mortgage and personal loans sectors, informed the Superintendence of Banks of Panama.
On September 9, local authorities took operational and administrative control of AllBank, Corp, arguing that the group of "shareholders did not respond in a timely manner to the requirements of the corrective actions" that were instructed.
The results of the latest supervisions carried out by the Superintendence of Banks of Panama reflect a strong weakness in the health of the loan portfolio, which added to a fragile management of Corporate Governance, the institution reported.
After the exchange rate closed on August 23 at ₡565,88 per dollar in the wholesale market MONEX, an upward trend has been reported since then, reaching ₡581,33 per dollar on September 5, which could be the result of a lower participation of the Central Bank in the exchange market.
Official figures from the Central Bank of Costa Rica (BCCR) report that between early February and mid-August of this year, there has been a fall of up to 48 colones per dollar, when reporting a drop in the average rate in the wholesale market Monex from ₡613,87 to ₡565,88.
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