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.
"Given the circumstances of the American economy, it's hard to think that the only direction that the dollar can go is down," Gutiérrez said.

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Pressure on Costa Rican money markets lifts the dollar

June 2008

As pressure build up on Costa Rica's money markets, the only way seems to be up for the US dollar.

The nation's current account balance is showing a large deficit, and flows of investment – both financial and direct – are down. "There's a combination of factors behind the rise in the dollar's exchange rate," said Andrés Víquez, manager of the Aldesa brokerage.

Costa Rica central bank chief hits back at critics

May 2008

Francisco de Paula Gutiérrez, president of Costa Rica's central bank, hit back at critics of the bank's monetary policy.

The system of bands that governs the exchange rate has been under fire, and the bank has been accused of fueling speculation and uncertainty by holding back information.

Costa Rican central bank takes action to control surge in dollar

July 2008

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.

Under the country's currency-band system, the upper band (the maximum price at which the central bank sells dollars to intermediaries) has been set at 555.37 colons and will be increased daily by six céntimos.

Central bank of Costa Rica foresees improvement in the economy for 2009

August 2008

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.

The restrictions that were cited include less currency, tighter loan requirements, higher interest rates and the increase in the price of the dollar. The President reiterated that they will continue to apply the inflation targeting system, and set a target of 9%.

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