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Central Bank Now Offers Term
Deposits
The Banco Central de Costa Rica
(BCCR) - Central Bank - on
Monday last began to offer "term
deposit" investments directly to
the public, and in some cases at
a much higher rate than what is
offered by the banks.
The Depósitos Electrónicos a
Plazo (DEP`s) is available only
in colones and is backed by the
most secured financial
institution in the country.
According to Roy González,
manager of the BCCR, "the idea
of the Central Bank is not to
compete with banks, but rather
to exercise a monetary policy".
The Central Bank offers term
deposits anywher from 7 days for
a minimum deposit of ¢5 million
colones (us$9.615) to a year
with a minimum deposit of
¢500.000 (us$961). Interest paid
on the deposit range from
9.2000% on a 7 to 29 day deposit
to 12.9996% on deposits for a
year.
Both
private and state banks, unlike
the Central Bank, offer term
deposit investments in both
colones and dollars.
The Cental Bank's Depósitos
Electrónicos a Plazo (DEP`s)
have certain requirements. Only
nationals or residents can
invest - oreigners can only
invest by way of a corporation -
and must have an account with a
local bank, either private of
state.
By way of the internet and an
email account, the public can
access the BCCR's website at
www.centraldirecto.fi.cr
and fill out a form. To make the
deposit, the account holder has
to have the account accessible
by SINPE - the inter bank system
that permits transfer of funds
from one banking institution to
another.
A sample of rates offered by
private and state banks compared
to the Central Bank's rates:
| Bank |
1 months |
3 months |
6 months |
1
year |
|
Central Directo |
10.04% |
10.74% |
11.99% |
12.99% |
| Banco Popular* |
8.75% |
9.45% |
12.2% |
11.5% |
| Banco de Costa Rica* |
9.5% |
10% |
12.75% |
12.5% |
| Banco Nacional* |
10% |
10.7% |
13% |
12.8% |
| BAC San José |
10.25% |
12.34% |
13.68% |
14.07% |
| Cuscatlan |
10.5% |
12.35% |
13% |
13.25% |
| Improsa |
10.75% |
11.5% |
12.5% |
14.25% |
| Interfin |
10.5% |
12.25% |
13% |
13.25% |
| Cathay |
11.5% |
14.25% |
14.65% |
15.5% |
* state bank
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