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Costa Rica's central bank cuts key rate by another 25 basis points

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Costa Rica's central bank cuts key rate by another 25 basis points

Costa Rica's central bank lowered its benchmark interest rate for the second time in 2019, reducing it by 25 basis points to 4.75%.

In announcing the decision, Banco Central de Costa Rica said risks to the inflation forecast are skewed to the downside.

The bank pointed toward the country's low level of economic activity, an unemployment rate significantly above levels that would be consistent with stable inflation, and a slow pace of credit growth.

The central bank also reduced the gross interest rate for one-day deposits by 19 basis points to 2.85%.

In March, the monetary authority lowered its benchmark rate by 25 basis points to 5.0%.