On Thursday, the Basic Passive Rate (TBP) stood at 6.55%, that is, 20 points higher than last week, reaching levels not seen since the end of September 2015.
The TBP is an average of collection rates of financial institutions such as banks or cooperatives and when it rises, debtors are affected in national currency. Therefore, those who have credits related to the TBP will have to pay more for their loans, but the increase will be felt gradually.
Currently, the cost of financing for the entities is high and if that is added to the fact that there is more demand for credits in national currency, the rates are raised.
In this specific week an increase in the reported interest rate of the Cooperatives is observed. Of the increase observed in the TBP (+0.2 percentage points), approximately 53% of the upward change is explained by the increase in the passive interest rates of the Cooperatives. The passive interest rates of the other financial intermediaries that are part of the TBP calculation also increased in this week’s calculation,”
said Luis Diego Herrera, an economist at Acobo.
So far in 2019, those who have loans in colones have been punished, since the TBP went from 5.85% at the end of December to 6.55% seen today.