This will be possible since the Bank decided to integrate the Foreign Currency Exchange Market (Monex) to the Central Directo platform, which until now was used by companies and investors to make deposits at the bank.

The objective of the Central Bank is to increase the number of participants in the exchange market so that it will operate more efficiently and so that the price of the dollar will better reflect the ...

Source: elfinancierocr.com

More on this topic

Costa Rica: Free Entrance to Monex

October 2009

Starting today, there is no entrance fee for participating in the wholesale dollar market.

Banks, financing companies, currency exchanges, stock brokers, corporations and individuals can buy and sell U.S. dollars electronically in this wholesale market.

From Nacion.com: "The minimum transaction volume is $1.000.

Costa Rica: Monex Fee Waived

September 2009

Starting October 5, the entrance fee for the wholesale currency market Monex will be waived.

The market, operated by the Central Bank of Costa Rica, currently has an entrance fee of $427 (¢250.000), both for companies and individuals.

"Initially, the fee was going to be waived on August 1, but was postponed for September 14, in order to include digital signatures", reports Nacion.com.

Costa Rican stock exchanges operate in exchange market

November 2008

They could participate as one more entity in the Foreign Currency Market, buying and selling Currency.

A resolution by the National Council for the Supervision of the Financial System (Conasif) allows for the expansion of the services offered by the exchanges to clients. Now their clients have the option of buy or selling dollars to these entities.

Central Bank of Costa Rica promotes participation in exchange market

September 2008

The BCCR is pushing for greater participation in the wholesale money market known as the Foreign Exchange Market (Monex).

Two legal modifications are in process that will allow new participants to join the stock exchange system on their own and at their own risk; the other seek to expand the number of participants, to include others such as exporters and importers.