This value is the same as that reported on June 21.
"In the calculation published today and which will come into force on July 5, public commercial banks lowered their interest rates from 9.7% to 9.58% and being the most important in the weighting the PBR was lowered", reports Elfinancierocr.com
The Passive Base Rate is calculated every Wednesday by the Central Bank of Costa Rica, and the rate becomes effective the next day, Thursday.
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After dropping a quarter of a percentage point, the rate now stands at 8%, its lowest level since August 2008.
The Basic Passive Rate is calculated each Wednesday by the Central Bank of Costa Rica.
"The basic rate is a weighted average of interest rates paid by financial entities, Central Bank and the Treasury, for maturities between 5 and 7 months, and is also used as a reference for loans", reported Nacion.com.
With a decline of half a percentage point, the rate will stand at 10% starting the September 6.
The average drop on deposit rates of commercial banks (from 10.64% to 10.03%) drove down the passive base rate (PBR).
"The PBR is a weighted average calculated weekly by the Central Bank of Costa Rica on the uptake rates of the entities in the country’s financial system for periods that are between 150 and 210 days.
The decrease came after it had remained stable at 11.50% for the last three weeks.
The above is according what the Central Bank of Costa Rica published.
Edgard Delgado Montoya wrote in the El Financiero website: "The TBP (Base Passive Rate) is an average of the rates collected by financial intermediaries, the Central Bank and the Ministry of Finance, at terms between five and seven months.
After remaining between 9.5% and 10% over the past 45 days, the Passive Base Rate has resumed its upward path, reaching its highest level this year.
With this increase the rate reaches a level not attained since October 2009.
The passive base rate is calculated by the Central Bank and is the weighted average interest rate for savings in colones for periods ranging from 150 days (5 months) and 210 days (7 months).