As of the second semester and gradually, the loan installments of Costa Ricans will decrease and this will allow them to have greater purchasing power.
The measure taken by the Central Bank last week to reduce the monetary policy rate from 8.5% to 7.5% is very good news for debtors.
However, there is still room for this indicator to fall further, since inflation seems to have ceased to be a problem.
Read more: Debtors will take a few months to feel relief in their loan installments
“The changes in the monetary policy rate could be greater in the next meetings but it is expected to close the year at 4.5%,” said Pablo González, economist at the Stock Market.
Read more: There are optimistic economic expectations for 2023: Central Bank of Costa Rica
The rate at which the quotas will fall will not be as fast as when the monetary policy rate was raised, since from December 2021 to February of this year the rate rose from 0.75% to 9%, which meant an increase of 8.25% (11 times), in a very short period.
This drastic increase meant, for example, that a Costa Rican with a loan of ₡50 million, whose interest payment was ₡345 thousand, will pay ₡571 thousand, that is, an increase of 65%.
This situation has forced many Costa Ricans to restructure their loans so as not to default.
One reason that financial analysts are asking for a drop in that reference rate is that the level of inflation has decreased in the last six months, therefore, the decision of the BCCR to keep the reference rate high is no longer right. of being.
“Inflation is losing ground and this makes it less necessary to keep such a high policy rate,” said Daniel Suchar, a financial analyst.
As of March, the interannual inflation rate closed at 4.4%, therefore, it is anticipated that it could close within the goal announced by the Central Bank.
The 12- and 24-month inflation expectations survey shows greater optimism that inflation will continue to decline.
change of course
The drop in the reference rate, even if it is small, is a good sign that monetary policy will change.
Daniela Andrade
Economist
National Stock Exchange
The drop in the monetary policy rate predicts a relaxation in a short time in domestic interest rates that would benefit debtors in colones.
Vidal Villalobos
Economic advisor
Group Prival
The tendency of maintaining an upward monetary policy rate is changed and this is due to the fact that inflation rates are giving way and if this change is not made by the Central Bank, the economy would slow down and generate unemployment.
Melvin Garita
General manager
BN Securities
The fall should be even greater, although logically this would represent a relief in the next installments of the loans that are paid.
2023-04-25 06:03:23
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