Costa Rica: the dollar won't go lower
For Francisco de Paula Gutiérrez, President of the Central Bank of Costa Rica, the pressures that have been holding the price of the dollar down will soon begin to let up.
Friday, April 25, 2008
Larger purchases by Recope, lower speculative capital flows and a smaller increase in exports are the elements which, in the opinion of the bank, could offset the downward pressur and make the exchange rate start to rise.
As pressure build up on Costa Rica's money markets, the only way seems to be up for the US dollar.
Francisco de Paula Gutiérrez, president of Costa Rica's central bank, hit back at critics of the bank's monetary policy.
The Costa Rican central bank, the BCCR, modified its exchange-rate policy in an effort to control a surge in the value of the US dollar on local money markets.
The president of the Central Bank, Francisco de Paula Gutiérrez, stated that the restrictive measures enforced by the bank will begin to bear fruit in 2009.
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