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Costa Rican central bank cuts key rate for 5th time in 2019

Banco Central de Costa Rica on Sept. 19 cut its monetary policy rate by 25 basis points to 3.75%, marking the fifth time the monetary authority reduced the key interest rate in 2019.

The regulator cited high uncertainty in light of trade tensions between the U.S. and China, which have impacted trade and growth in Costa Rica's trading partners.

Costa Rica's central bank also noted that inflation was in line with its expectations, with annual inflation standing at 2.86% in the month of August, at a similar level from July.

The Central American nation last cut its key rate in July, by 50 basis points, to 4.0%. The monetary authority first cut the key rate in March, then in May and in June, all by 25 basis points each.

Several central banks in Latin America have also recently cut their own monetary policy rates this year, as growth and inflation concerns continue to dog the region's largest economies.