Central Bank of Costa Rica Keeps Interest Rate Unchanged

Forex - The Central Bank of Costa Rica (BCCR) decided to keep the policy interest rate unchanged in its last meeting of the year. According to the statement from BCCR, the benchmark interest rate was maintained at 4.00%. BCCR has lowered the interest rate by 500 basis points since March of last year. The statement noted, "Considering the local and international economic situation, along with the forward-looking analysis of inflation and its determinants, as well as the uncertainty regarding the behavior of these variables, the Board deemed it prudent to pause the process of reducing the policy interest rate." The bank indicated that it would respond in a timely and appropriate manner should macroeconomic conditions and valuations change adversely. Inflation in the country was reported at a negative annual rate of -0.10% in November.