According to data published by the Central Bank of Costa Rica on its website, the basic borrowing rate continues declining: it is now 4.55%.
This situation was influenced by a decrease in rates duly paid by private banks, mutuals and cooperatives.
According to Luis Diego Herrera, an economist at Grupo Financiero Acobo, the downward trend in the benchmark interest rate encourages people to take credit in colones because they would be benefited if the particular credit conditions allow to do so.
At the current level, the indicator is located 140 basis points below the figure which began the year (5.95%).
The basic rate is used by financial institutions as a reference to calculate long-term loans in colones.
According to the Institute for Research in Economics at the University of Costa Rica, the basic borrowing rate may drop to 4.3% by the end of the year.