American Expatriate Costa Rica

Basic rate rises on fifth consecutive increase

The basic passive rate (TBP) recorded its fifth consecutive increase this week from May to 5.70%.

According to data from the website of the Central Bank, the indicator will rise from Thursday 20 basis points in relation to its last update.

The rate was not at this level since April last year.

Analysts explain that the increase responds to the efforts of the monetary authority to raise interest rates in colones in the economy.

The base rate is used as a reference for the calculation of loan installments in long-term in colones and for the payment of the interest of some investments in foreign currency.

In recent days, the Central Bank increased the Monetary Policy Rate (MPR), which serves as a guideline rate in the financial market. It also reopened the Central Directo funding platform, which has also raised interest rates.

crhoy.com