If the burden of your debt if getting more difficult each month, don’t expect it to get any easier for 2013.

The Banco Central de Costa Rica (BCCR) – Central Bank – says it does not foresee any significant drop in interest rates in the coming months.

According to Central Bank president, Rodrigo Bolaños, although there appears greater stability in the consumer index, he rules out any abrupt changes.

One of the reasons is that the Central Bank will be introducing a new methodology for calculating the prime interest rate, which in turn is used by banks to calculate interest on their loans.

The Central Bank president said that new rules will prevent interest rates to rise sharply, like it occurred last year from one to four percentage points.

Banco Central de Costa Rica
The Banco Central de Costa Rica is the central bank of Costa Rica. Not to be confused with the Banco de Costa Rica *BCR) – a state commercial bank – is a central bank recognized by the Costa Rican society and the international community.

Similar to other Central Banks in the world, the functions of Central Bank of Costa Rica include providing banking services to the Government of Costa Rica and financial institutions, issuing the domestic currency, regulating commercial banks and other financial institutions, providing economic advice to the Government, conducting research and publishing information on monetary and other economic developments. Only notes and coins issued by the Central Bank shall be legal tender in Costa Rica.

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