Costa Rica increases pace of monetary tightening

Central Bank of Costa Rica
The Central Bank of Costa Rica
Haakon S Krohn/Wikimedia Commons (https://bit.ly/3FMbD8F)

The Central Bank of Costa Rica (BCCR) raised its benchmark rate by 150 basis points on April 27, speeding a tightening process it began in December.

It hiked the rate to 4%, the highest level since September 2019. The BCCR started tightening monetary policy with two 50bp increases, before adding 75bp in March.

By February 2022, headline inflation had reached 4.9%, above the central bank’s 2–4% target range. The next monetary policy decision is scheduled for June 15.

In a statement, the

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