If you asked for a loan in colones, this is good news, as the Basic Passive Rate (TBP), which is the reference to calculate the savings and credit fees in the financial system, went back down this week, from 5.80% to 5.70%.
That is, if your credit is in colones and is in a variable rate, whose reference is the TBP, you would soon pay less.
After a first half of 2019 marked by increases in this indicator, for two months the TBP has shown a downward trend.
From the end of July to this week, the Rate has dropped 85 basis points, as a result of the Monetary Policy actions taken by the Central Bank and the pressure for colones that has already passed prior to the new regulation of the Income Tax.
With the new tax regulations, the interests of all investment certificates that opened after July 1st would pay a 15% tax, so most investors took the opportunity to extend the terms of their investment and this demand raised TBP up to 6.65%.