Costa Rican central bank raises rates to highest level since 2011

Board also orders increase in reserve requirements from July as inflation remains over target

The Central Bank of Costa Rica
The Central Bank of Costa Rica
Rachael King

The Central Bank of Costa Rica’s board ordered a 150-basis-point increase in the monetary policy rate, to 5.5%, on June 15.

The increase brings the rate to its highest level since May 2011, with the central bank having raised it by 475bp since December 2021. This is the central bank’s fifth hike in a row and its second consecutive 150bp increase.

The central bank also increased reserve requirements for financial institutions’ domestic currency-denominated deposits and liabilities. From the

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