After several weeks on the rise, this Wednesday the Basic Passive Rate (TBP) reached its lowest level of the year and now it stands at 5.90%, after a drop of 0.10 points compared last week, according to the Central Bank.
The Basic Passive Rate is an average of the rates paid by financial institutions for savings and deposits in national currency.
At some point, this indicator was at 6.65%, a level that was not reached since 2015. The upward trend had been occurring since December last year.
This movement is beneficial for debtors who have loans in colones associated with the TBP, but the downward effect will depend on each bank and each time it adjusts the loan’s share.
Weeks prior to the entry into force of the tax reform, those who had deposits in colones in both banks and cooperatives chose to prologue their investments, because the tax plan raised the interest generated by the interest on those savings.
Therefore, when this pressure existed in the entities, the TBP shot up to high levels. Now, with less pressure, it returns to its traditional course.
The Dollar Effective Rate (TED), which is the average rate for operations with foreign currency, presented a fall of 0.6% and now stands at 2.61%.