Costa Rica: Central Bank announces higher basic rate
May 10, 2012
On 9 May, the Central Bank of Costa Rica (BCCR) announced that the passive basic rate rose to 10.0% from 9.50% effective on 10 May, the highest level since September 2009. With the recent rise, the basic rate continues the upward trend in place since the start of the year, when the rate stood at 8.75%. The passive basic rate, calculated by the BCCR, is the weighted average of interest rates of local currency denominated deposits between 150 and 210 days negotiated by local financial institutions and interest rates of fund raising instruments from the Central Bank and the Ministry of Finance, both negotiated in the primary and secondary markets.