Tasa De Interes Legal Costa Rica

Finally, loans in other currencies will have a maximum interest rate of 5.68%, also 0.18 points lower than the 5.86% in force in the first half of 2022. The imposition of an interest rate higher than that set by the BCCR is considered usury within the meaning of Article 243 of the Criminal Code. The Central Bank of Costa Rica on Friday published the maximum interest rates for loan operations in colones, dollars and other currencies that will apply for the second half of 2022, as part of the provisions following the entry into force of the law against usury. Law 9859, adopted on June 11, 2020, obliges the Central Bank to update usurious interest rates in July and January of each year and publish them in La Gaceta and its website. To calculate the new interest rates, the central bank used the simple average of monthly active interest rates traded over the past 12 months. The interest rate for each month is the weighted average of the active interest rates for all credit transactions made during that month. The weighting is based on the amount of the corresponding transaction. For microcredits (less than 675 thousand colones), the maximum interest rate is 47.23% in colones and 39.32% in dollars. Compared with previous fixations, the interest rate on microloans in colones fell by 0.04 percentage points, while the rate on the dollar fell by 0.37 percentage points. In a statement, the bank announced that the maximum interest rate on all types of loans (including cards but excluding microcredits) will be 33.41% for colones and 27.72% in dollars. Regarding the maximum rates applicable for the first half of 2022, the usury rate for loans in colones decreased by 0.03 percentage points, while for the dollar exchange rate, it decreased by 0.26 percentage points.

Costa Rica raised interest rates by 1 percentage point from 7.5% to 8.5% per year. Here we show you the evolution of interest rates in Costa Rica. You can see rates in other countries below interest rates and see all economic information about Costa Rica in Costa Rica economy. Interest rates are one of the most important tools used by central banks to conduct monetary policy. A rise in interest rates serves to contain inflation and protect the currency. This change is the first since July 28, 2022, when the central bank raised interest rates by 2 points to 7.5%.