Base Lending Rate will rise to 6.60%

Base Lending Rate will rise to 6.60%

exchange_money2The base lending rate (TBP) will go up November 7  for a week, to 6.60% , according to the Central Bank of Costa Rica in their website .

The increase was recorded after the indicator maintained a level of 6.55% for two consecutive weeks, from October 25 last.

The information represents an increase of 0.05 percentage points over his last recorded level.

According to the Central calculation, the rate increased by increases in deposit rates (savings) of private banks and mutual savings and loan. Only credit unions decreased, slightly, yields in week calculation .

The basic rate is used as a guide for most colones loans granted by financial institutions, and is calculated based on the weighted performance rates private and public banks and other financial intermediaries.

With the new methodology for calculating this indicator, approved by the Central Bank last December, the rate is rounded to the nearest five basis points rather than 25 basis points closest as before.

The TBP began in 2013 at a level of 9.2% and has since maintained a downward trend.

A year ago the rate was 10.00% level.

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