Central Bank of Costa Rica promotes participation in exchange market
The BCCR is pushing for greater participation in the wholesale money market known as the Foreign Exchange Market (Monex).
Monday, September 29, 2008
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.
In an attempt to limit exchange rate volatility, the Central Bank has determined that non-bank public companies can no longer trade currencies in the Monex wholesale market.
Starting January anyone that is properly registered will be able to buy or sell their dollars directly in Monex-Central Directo.
The Central Bank of Costa Rica has officially eliminated the exchange rate band which has been in place since 2006, and let the exchange rate float, reserving the right to "participate in the market to prevent violent fluctuations".
The exchange rate showed a strong rise in the MONEX wholesale market, once again colliding with the upper intervention limit.
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