Key facts
- BCCR maintained its monetary policy rate at 3.25%.
- The decision was unanimous.
- International uncertainties regarding the Middle East conflict and oil prices persist.
- Higher oil prices are expected to impact domestic prices from May.
- Inflation is forecast to return to positive territory in H2 2026.
The Central Bank of Costa Rica (BCCR) has unanimously decided to keep its monetary policy rate (MPR) unchanged at 3.25%. The decision comes amid persistent global uncertainties, particularly concerning the duration and impact of the Middle East conflict and its potential effects on oil prices. The BCCR anticipates that the influence of elevated oil prices will begin to manifest in domestic price levels starting in May. Looking ahead, the bank forecasts that inflation will re-enter positive territory in the second half of 2026, gradually approaching the target tolerance band of 2.0% to 4.0% by the end of that year. Given the prevailing external uncertainties, the BCCR is likely to maintain its key interest rate at its current level for the next few months.