The basic passive rate will remain at 5.95% for an additional week, according to the latest update of the website of the Central Bank.
At the current level, the indicator is 145 basis points higher than the figure it occupied in May when it began increasing, driven by state-owned banks. These, in turn, have responded to the increases in the monetary policy rate dictated by the Monetary Authority.
This indicator did not reach this level since November 2015, when the trend was downward.
According to calculations by the University of Costa Rica, it could surpass 7% at the end of the year to continue the upward trend shown between late May and early July.
The basic rate is used as a reference for the calculation of the quotas of the loans in long term colones.Also for the payment of the interest of some investments in foreign currency.
During the presentation of the Revision of the Macroeconomic Program 2017-2018, President Central Bank, Olivier Castro, stated that the increase in loan assessments was one of the first consequences that the population perceives due to the lack of legislative agreement on a reform of current income and sales taxes.