Costa Rica cuts rates further following March reversal

Central Bank of Costa Rica
The Costa Rican central bank

The Costa Rican central bank continued an about turn on its monetary policy stance by lowering the policy rate further on May 22.

The bank reduced the rate by 25 basis points to 4.75%. The adjustment was made due to deflationary risks resulting from current low economic growth and high unemployment, it said in a statement.

The move to lower rates followed the central bank reversing its monetary policy stance in March – its first rate cut since January 2016. The most recent rate hike was in

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