Costa Rican beach from above

Costa Rica Interest Rate

Costa Rica Interest Rate

Policy Interest Rate in Costa Rica

The policy rate ended 2022 at 9.00%, up from the 1.25% end-2021 value, and higher than the reading of 3.75% a decade earlier. For reference, the average policy rate in the Central America and Caribbean was 6.40% at end-2022. For more interest rate information, visit our dedicated page.

Costa Rica Interest Rate Chart

Note: This chart displays Policy Interest Rate (%) for Costa Rica from 2014 to 2023.
Source: Central Bank of Costa Rica.

Costa Rica Interest Rate Data

2018 2019 2020 2021 2022
Policy Interest Rate (%, eop) 5.25 2.75 0.75 1.25 9.00
Basic Rate (%, eop) 6.00 5.75 3.50 2.90 6.35

Central Bank cuts rate in January

At its 18 January meeting, the Central Bank of Costa Rica (BCCR) reduced the monetary policy rate to 5.75% from 6.00%. The move marked the third consecutive reduction and brought the cumulative rate cut to 325 basis points since March 2023.

The decision was driven by persistently lower price pressures. The Bank highlighted that consumer prices fell year-on-year between June and December, hence, inflation remained well below the 2.0–4.0% target range. The BCCR expects prices to continue falling in Q1 2024 and does not see inflation returning to target until end-2024. Nonetheless, the Bank highlighted that there are risks to the outlook in both directions: Upside risks stem from extreme weather events and conflict in the Red Sea hurting global supply chains, and downside risks are caused by weaker-than-expected growth among trading partners.

The Bank did not provide explicit forward guidance. Instead, it reiterated its commitment to acting in a prudent and gradual manner, taking into account macroeconomic developments and risks. Our panelists expect the BCCR to cut rates further during 2024. The next meeting is scheduled for 21 March.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Costa Rican interest rate projections for the next ten years from a panel of 12 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable interest rate forecast available for Costa Rican interest rate.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Costa Rican interest rate projections.

Want to get access to the full dataset of Costa Rican interest rate forecasts? Send an email to

Latest Global Monetary Policy News

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest