Costa Rica cuts rates to lowest level in over 10 years

The Central Bank of Costa Rica
Rachael King

The Central Bank of Costa Rica cut its policy rate to its lowest level in over a decade, it announced on June 17.

The central bank’s board of directors lowered the monetary policy rate by 50 basis points to 0.75%, as Costa Rica’s economy contracted sharply. GDP contracted by 5.7% in April on a year-on-year basis.

The coronavirus pandemic has strengthened the disinflationary forces already being faced in country, the central bank says in a statement. Inflation has been trending lower since the

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