Costa Rica’s Basic Passive Rate to drop again Thursday

February 6, 2013

A trending decline in Costa Rica’s Basic Passive Rate (BPR) will continue on Thursday, when the indicator will drop from 8.30 percent to 8.05 percent, the seventh consecutive decrease since December.

This new decrease was posted on the Central Bank’s website on Wednesday.

Along with the Central Bank, President Laura Chinchilla’s administration announced weeks ago that they would take measures to reduce domestic interest rates that are attracting capital from foreign investors taking advantage of the country’s attractive interest rates in colones.

Central Bank authorities have detected large amounts of U.S. dollars entering the country since October, targeting short-term investments after being exchanged into local currency.

The first decrease was approved on Dec. 27, when it went from 9.50 percent to 9.30 percent. Experts believe that the BPR downward trend is likely to continue and approach levels between 7-7.5 percent in coming days.

The BPR indicator is used as a reference to calculate interest rates paid by loans in colones in Costa Rica’s banking system.

You may be interested

Of snow, kindness and Northern Lights: a Costa Rican in Manitoba, Canada
Please Send Coffee!
1106 views
Please Send Coffee!
1106 views

Of snow, kindness and Northern Lights: a Costa Rican in Manitoba, Canada

Gustavo Díaz Cruz - December 14, 2017

My mom named me Gustavo Adolfo. I was born in Puntarenas, next to the sea, but my home was in…

Response to disaster: aid successes, struggles in post-Maria Puerto Rico
Weather
1122 views
Weather
1122 views

Response to disaster: aid successes, struggles in post-Maria Puerto Rico

John McPhaul - December 13, 2017

As Costa Rica joins many other nations in looking back upon the horrendous 2017 hurricane season, longtime Tico Times contributor…

Looking back at Hurricane Maria: the initial impact
Weather
2001 views
Weather
2001 views

Looking back at Hurricane Maria: the initial impact

John McPhaul - December 12, 2017

As Costa Rica joins many other nations in looking back upon the devastating 2017 hurricane season, longtime Tico Times contributor…