Costa Rica: Prime Rate Sky High

The prime rate in Costa Rica shot up to 10.25% and will hold at least for a week, says the Banco Central de Costa Rica (BCCR), the Central Bank.

The rate has been ranging between 9% and 10% in the past few months. Yesterday's hike is the highest since the highest level recorded of 10.75% in October 2009.

The Tasa Básica Pasiva (TBP) is a weighted average applied by financial institutions for savings in colones for terms ranging from 150 to 210 days.

Moreover, the the TBP serves as a reference for calculating long term loans in colones.