QCOSTARICA – The Tasa Básica Pasiva (TBP) – basic rate – will close 2014 at 7.20%, in the latest calculation of the year by the Banco Central de Costa Rica (BCCR) – Central Bank, on December 24.
The year opened with a TBP of 6.50%, but by late March it began an upward trend that continue in the following the months.
The highest percentage reached this year was 7.25%, a rate that held on three different weeks: November 13 to 19; December 4 to 10; and last week, December 18 to 24.
The Central Bank sets the TBP at the end of business on Wednesdays, and taking effect the following day. The next calculation will be on December 31, and take effect in the new year.
Despite the increase, the TBP did not reach the highs of previous years, ie, 11% in October 2012, after that date the Central Bank began applying a modified methodology to decrease the abrupt changes and reduced volatility.
The TBP is the average of deposits at financial institutions for periods between 150 and 210 days.