Central Finance and banks raise their rates in colones
Investors and borrowers feel in their pockets and the announced increases in rates.
Yesterday the central bank raised the yields offered for electronic deposits through Direct Central platform between 0.25 and 0.50 points. Costa Rica
Thus, a person who wants to invest in an electronic certificate within two months to offer an interest of 4.75% per year, whereas previously obtained 4.35%.
On interest received, the saver must apply the discount of 8% income tax for the net.
Increases with the Central Bank yesterday moved closer to the yields offered for similar values, public and private banks.
A day earlier – on Monday, the Ministry of Finance also raised the rates offered by titles in the auction.
For example, for a bond maturing on April 18, the Government paid interest at 7.5%, whereas before this instrument had a yield close to 6.35%, according to information provided by the Group Aldesa.
Adjustments banks. Commercial banks also made their adjustments to interest rates.
Between 1. St December and 2 February, public banks rose 1.5 points and private point average rates for maturities between five and seven months, according to information gathered by the Central Bank to calculate basic borrowing rate.
Currently, the public rates are higher, which is not usual.
Mario Rivera, manager of the Banco de Costa Rica, explained that this is because they put 75% of the loan portfolio in colones, and capture 70% of public resources in colones.”When these resources are scarce, public banks that they needed more intensity …” he said.
The increases in savings rates to influence the rise in base rate, to which many loans are linked.
Policymakers warned, since last year, the increase that would be in the interests due to the high fiscal deficit facing the Government, which is the excess of expenses over revenues come mainly from taxes.
This year the shortfall is estimated at 4.5% of production.
Not having enough tax revenue to finance spending goes the Treasury to borrow in the local market and compete with others that also require deposits from the public and rates rise.
Asked how far could raise interest, the economist William Calvo, said it is difficult to know the level at which they will arrive, what is clear is that it will give an increase.
“You have to analyze what is happening with the credit, because in both this rally is not the rate increase will be very slow and not of great magnitude,” he added.
The consulting firm estimated the base rate Cefsa average this year by 10%. Towards the end of the year would be at about 10.5%, shared yesterday economist Jose Luis Arce.
Currently, this indicator stands at 8.75%.