Banco Central de Costa Rica


Investing in BCCR Bonds


Bonds are available to the public through trading posts authorized by the General Superintendent’s Office for Securities, and may be acquired in auctions. 


"ZERO", "FIXED", or "ACTUAL" bonds are placed in these auctions. 

Auctions are carried out on a weekly basis, and are occasionally sold on the retail market.


In these events, investors offer a return (price), while BCCR decides whether it will assign (sell) the securities at that price. In the retail market, BCCR offers a given amount of bonds for sale at one single price.

The Central Bank posts a communiqué (Comunicado de hechos relevantes) on its web site, both when calling an auction, and to inform of its results. Characteristics of the bonds to be traded and auction conditions are detailed in these communiqués.


Types of Instruments

 Región de Acordeón

Zero Coupon

"Zero Coupon" Monetary Stabilization Bonds


In Colones


Short-term issuances (up to 359 days)


No periodic payment of interest rates is provided. Bonds are issued on discount (i.e., at a price below 100%), and return is defined by the difference between the buying price, and the 100% amount earned at the end of the investment term.


The minimum amount to be invested is ¢100,000 and from then on in multiples of ¢50,000.

Fixed Rate

Monetary Stabilization Bonds with Fixed Rate Interest Coupons.


In Colones


Coupons are paid every six months


Coupon rates are defined at the time of issue, and are not changed throughout the period.


They are issued for terms of 1 and 7 years.


The minimum amount of investment is ¢100,000, and from then on in multiples of ¢50,000.

In Development Units (UDEs)

These Monetary Stabilization Bonds are called UDEs.


They are defined in terms of Development Units.


Their face value and the amount coupons are worth maintain their purchasing power over time, considering that the value of UDEs is adjusted according to the Consumer Price Index (CPI). In other words, the return offered is actual or above the inflation rate. 


Coupons are paid every six months.


The minimum amount of investment is 1,000 UDEs, and from then on in multiples of 500 UDEs.

Electronic Time Deposits

This instrument is negotiated with BCCR through its website.


Interest payments are made when investment is due.


Available in terms of 1 and 1,800 days.


The minimum amount of investment is ¢100,000, and from then on in multiples of ¢0.01.


Relevant Sites  *


*Find bond issuers in the Participants and Products section.


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