The Central Bank of Costa Rica (BCCR) has officially adjusted the maximum interest rates for loans and microcredits, setting new ceilings for the second half of 2024. These “usury rates,” established to protect consumers from excessive borrowing costs, are updated periodically based on market performance and prevailing economic conditions, according to official data from the Central Bank of Costa Rica.
For the period covering the second semester of 2024, the BCCR has recalibrated the thresholds that financial institutions and private lenders must respect. These limits are divided into two primary categories: credit card operations and general credit transactions, including microcredits. The regulation, which stems from the Law against Usury (Law No. 9859), requires the BCCR to calculate these rates every six months to reflect the weighted average of market interest rates, as reported by the Legislative Assembly of Costa Rica.
Understanding the Calculation Methodology
The maximum interest rate, commonly referred to in Costa Rica as the “tasa de usura,” is not an arbitrary figure. It is calculated by the BCCR using a methodology that aggregates the average interest rates charged by entities supervised by the Superintendency of Financial Entities (SUGEF). By law, these maximums are set at 1.5 times the average market rate for each credit category.
This mechanism is designed to prevent predatory lending practices while ensuring that the credit market remains liquid. When the Central Bank updates these rates, the new figures apply to all new credit contracts and renewals initiated during the designated semester. Financial institutions are legally obligated to adjust their internal policies to ensure that no borrower is charged an effective annual rate (Tasa Efectiva Anual, or TEA) exceeding the updated ceiling published by the BCCR.
Impact on Borrowers and Microcredits
The adjustment directly impacts individual consumers and small business owners who rely on microcredit facilities. For many, these caps serve as a vital safety net against high-interest debt traps. By limiting how much a lender can charge, the BCCR aims to promote financial inclusion and prevent the over-indebtedness of vulnerable populations, a core objective of the Superintendency of Financial Entities.
Borrowers are encouraged to verify the interest rates on their current credit agreements against the updated tables released by the Central Bank. If a consumer identifies a rate that exceeds the legal maximum for their specific type of credit, they have the right to file a formal complaint with the relevant regulatory bodies or the consumer protection office. Maintaining transparency in these rates is a legal mandate that allows the public to compare offerings from different banking and financial institutions effectively.
Regulatory Oversight and Future Updates
The enforcement of these rates falls under the mandate of both the BCCR and the SUGEF. While the Central Bank is responsible for calculating and publishing the rates, the Superintendency monitors the compliance of the entities it regulates. Private lenders who operate outside of the formal banking system are also subject to these caps, as the law applies to all providers of credit regardless of their institutional status.
The next scheduled update for these maximum interest rates will occur at the end of the current semester, as the BCCR continues to monitor macroeconomic indicators such as inflation and the Monetary Policy Rate. Financial institutions are advised to monitor the BCCR economic indicators portal regularly to stay informed of any interim adjustments or policy shifts that could affect credit operations.
For readers seeking specific details regarding their current loan agreements, it is recommended to review the latest official circulars issued by the Central Bank. Consumers can also consult with their financial advisors or contact the BCCR directly for clarification on how these rates are applied to specific financial products.
Do you have questions about how these rate adjustments affect your personal finances? Share your thoughts in the comments section below or join the conversation on our social media platforms.