Costa Rica: Dollar Price Continues to Rise

So far in May the average price of the dollar in the wholesale Monex market has increased by 2%, going from ₡566/US$ on May 1st to ₡578/US$ on the 17th.  

Wednesday, May 17, 2017

Exchange Rate (Colones / US Dollar)
Costa Rica
Al June 19th, 2019  

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On May 17, in the Monex wholesale market, the average price of a dollar was quoted at ₡578 per dollar, while at bank windows the selling price reached ₡582. Clic para interactuar con la gráficaClic para interactuar con la gráfica

"Henry Vargas, director of the BCCR's Macroeconomic Statistics Department, explained in a May 11 publication that dollar price hikes are due to changes in the country's economic situation and the international environment."

The former president of the Central Bank, Francisco de Paula Gutiérrez, told Nacion.com that, as Vargas points out, conditions have changed. "... The country was accustomed to having $1 billion of foreign indebtedness, last year we did not have that external indebtedness and last year the exchange rate had much more pressure, simply the Central Bank did not let it rise, the Bank was sustaining it, losing reserves."

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More on this topic

Costa Rica: Dollar Price Increases

September 2019

After the exchange rate closed on August 23 at ₡565,88 per dollar in the wholesale market MONEX, an upward trend has been reported since then, reaching ₡581,33 per dollar on September 5, which could be the result of a lower participation of the Central Bank in the exchange market.

Official figures from the Central Bank of Costa Rica (BCCR) report that between early February and mid-August of this year, there has been a fall of up to 48 colones per dollar, when reporting a drop in the average rate in the wholesale market Monex from ₡613,87 to ₡565,88.

Dollar price exceeds ¢600

October 2018

The Costa Rican currency continues to depreciate, and the exchange rate in some Banks was already 600 Colones and more per dollar.

The upward trend of the exchange rate in Costa Rica has been observed in recent days. The Central Bank estimates that between September 27 and October 11, the exchange rate in the wholesale market Monex reported a clear upward trend, which is reflected in the increase from ¢570.75 to ¢597.43 per dollar, equivalent to a depreciation of 4.67%. [GRAFICA caption="Click to interact with graphic"]

Costa Rica: US/Colon Exchange Rate Expectations

January 2018

It is expected that under current economic conditions, the local currency will depreciate on average 3.6% against the US dollar in 2018.

The monthly survey on expectations of exchange rate variations up to December 2017 made by the Central Bank, foresees that during the next 12 months the Colón will depreciate by 3.6%, which would mean an increase of ₡20.52 according to the average price on the Monex Wholesale Market of ₡570.20 at the close of last year.

Costa Rica: Exchange Rate Continues to Rise

May 2017

In the first four months of the year the price of the dollar in the Monex wholesale market increased by almost 2%.

At the beginning of the year the price of the US currency was 556.06 colones to the dollar, but on Tuesday May 2 it closed the day at 566.97 colones to the dollar, which is an increase of 10 colones in only four months. [GRAFICA caption = "Click to interact with graphics"]

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