Costa Rica makes about-turn on interest rates

Central Bank of Costa Rica

The Costa Rican central bank reversed its November policy rate hike on March 28, as risks to inflation have tipped towards the downside, the central bank said in its statement.

The central bank lowered the interest rate by 25 basis points, back down to 5%. Year-on-year inflation remained at 2.2%, at the lower end of the target range of 2% to 4%.

It also chose to reduce the gross interest rate charged on one-day deposits by 19bp to 3.04%.

This is the first rate cut since January 2016, after

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