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Costa Rica Interest Rate

Costa Rica Interest Rate

Policy Interest Rate in Costa Rica

The Policy Interest Rate (%, eop) ended 2024 at 4.00%, down from the 6.00% end-2024 value and down from the reading of 5.25% a decade earlier. For reference, the average interest rate in Central America and Caribbean was 4.95% at end-2024. For more information on interest rate, visit our dedicated page.

Costa Rica Interest Rate Chart

Note: This chart displays Policy Interest Rate (%) for Costa Rica from 2024 to 2023.
Source: Macrobond.

Costa Rica Interest Rate Data

2020 2021 2022 2023 2024
Policy Interest Rate (%, eop) 0.75 1.25 9.00 6.00 4.00
Basic Rate (%, eop) 3.50 2.90 6.35 5.36 4.13

Central Bank cuts policy rate in July

Central Bank resumes monetary policy easing: At its meeting on 17 July, the Central Bank of Costa Rica (BCCR) unanimously decided to reduce its policy interest rate by 25 basis points to 3.75%, marking the first cut since October 2024.

Cooling global tensions and deflation drive cut: The Bank highlighted that trade and geopolitical tensions had softened since its June meeting, reducing upside risks to prices. Moreover, it noted that consumer prices fell in May–June, and added that inflation is not expected to return to the 2.0–4.0% target range until Q2 2026. Against this backdrop, the BCCR deemed that a 4.00% policy rate had been restricting domestic demand slightly and therefore opted to reduce rates.

Most panelists expect no further changes ahead: The Central Bank did not provide specific forward guidance on future interest rate movements. The majority of our panelists expect the BCCR to stand pat through end-2025. That said, some see scope for an additional 25 basis points cut, in line with the Bank’s view that risks to the inflation outlook are skewed to the downside, which include lower inflation expectations, weaker-than-expected economic momentum in key trading partners and softer-than-anticipated import prices. The Bank will reconvene on 18 September.

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 13 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 info@focus-economics.com.

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