The basic passive rate (TBP) continues to rise and as of Thursday it will be at 4.95%, the highest level recorded in the year according to data provided by the Central Bank on its Internet site.
This is the third consecutive increase in less than a month. The indicator was not in a similar figure since September 2016. From January to date, the rate has increased by half a percentage point.
This week’s increase is due to increases in rates actually paid by all intermediaries observed: banks (public and private), cooperatives and mutuals.
Since the end of April, the base rate has shown an upward trend, which was strengthened at the end of May following the strong increase in the monetary policy rate (MPR) set by the Central Bank.
The monetary authority also announced that it will look for ways to accelerate the transfer of movements from the TPM to the TBP. For this, it has restarted the operation of the Central Direct platform, for deposits in colones to different terms. The idea is that the rates offered give direction to the rest of interest rates in the economy.
The basic rate is used as a reference for long-term loans in colones, as well as for the payment of coupons of some investments in local currency.
According to data from the latest Consumer Confidence Survey, prepared by the School of Statistics of the University of Costa Rica, 56.8% of heads of households expect interest rates to increase over the next 12 Months.