Costa Rica raises rates for first time in three years

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

The Costa Rican central bank board raised its policy rate by 50 basis points on December 15, to 1.25%.

The board also said that it had “agreed to maintain a path of gradual increases” in the policy rate “and if necessary… to intensify the rhythm of increases”. The central bank said it would continue an “expansive” policy, but would move the policy rate toward a “position of neutrality”.

Policy-makers had kept rates at 0.75% since June 2020. Prior to the pandemic, the central bank had been

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