Banco Nacional Lowers Interest Rates
The Banco Nacional de Costa Rica (BNCR) yesterday announced that it has lowered its interest rates, up to 4 percentage points in some cases, in an effort to capture more business.

According to William Hayden, general manager of the Banco Nacional, the construction, tourism and agricultural sector will all benefit from the lower rates, which are on average 2.5% lower from the previous rates.

"This will have a very positive impact in the financial markets and the Costa Rican economy and places the bank in a very competitive position in the market, due to the high volume of credit managed by the institution", said Hayden.

Some of the new rates at the Banco Nacional are as follows;

For loans in Colones:
BN Vivienda (Housing) 10.50 %
Banca de desarrollo (con garantía hipotecaria) - development with property as guarantee - 11.5 %
Agriculture, livestock, industry and energy - 13.0 %
Tourism - 13.5 %
Financial services, transport and communications, new vehicle purchases - 14.5 %
Used vehicle purchases - 15.0 %

For loans in dollars:
Agriculture, livestock, industry, energy, tourism, financial services, transport and communications - 9.00 %
BN Vivienda especial $ (first year) 7.40 %
Coffee exports - 9.25 %
New vehicle purchases - 8.25 %
Used vehicle purchases - 8.75 %

Source: Banco Nacional de Costa Rica