BCCR Decision Causes Dollar to Rise
Markets closed with the dollar at ¢518.34, ¢7.88 higher than the day before, after the Costa Rican Central Bank's (BCCR) decision to increase foreign exchange reserves.
Friday, September 3, 2010
Since the BCCR announced the news, the dollar's price increased steadily, reaching a high of ¢523,01 before finally closing at ¢518.34.
The new head of the Central Bank of Costa Rica (BCCR), announced he is pondering the possibility of intervening between the currency bands.
The latest announcements in Costa Rica about greater exchange rate flexibility to appreciate the colon are worrying exporters.
The volatility that the dollar has shown brings back to table the discussion on whether or not to dollarize the Costa Rican economy.
Representatives of business associations have proposed ten measures to prevent the entry of speculative capital into the country and to provide flexibility to the exchange rate without local currency appreciating.
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