Costa Rica: Dollar is Quoted Above Set Bands

On Tuesday, the 10th, in the wholesale market (MONEX), the exchange rate reached ¢566.85, surpassing by one colón the set ceiling as determined by the BCCR (¢565.85).

Thursday, February 12, 2009

The exchange rate has remained pegged to the upper band in the last few weeks. This situation and the increase in the volume of transactions reflect the resurgence of the demand for dollars.

In spite of the fact that since last week the Central Bank of Costa Rica (BCCR) was seen as obliged to intervene in the foreign exchange market by selling dollars, the monetary reserves showed a strong and unexpected increase of $225.4 million, putting them at $4,069.5 million.

More on this topic

Dollar in Costa Rica: Wholesale Market Participants Excluded

June 2014

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.

As explained by the entity, the foreign exchange requirements of the Non Banking Public Sector will not be served directly by the BCCR using international reserves.

Strong BCCR Intervention to Maintain Exchange Rate  

September 2013

The Central Bank of Costa Rica has purchased $57 million in the wholesale market to keep the exchange rate from falling below ¢500 per dollar.

The operation is the second largest so far in 2013, after January 9, when the institution was forced to buy $78 million, and the first since August 19.

Exchange Rate Rises in Costa Rica

September 2011

The price of the dollar against the Colon has again started to fluctuate, after having spent several weeks at a relatively stagnant level.

In the last two weeks there has been a slight rise, of about six colones, at the banks exchange desks.

However, this rise has not appeared the way it normally does, ie first in the Monex wholesale market, where trading banks and financial institutions do business, and then in the exchange rate offered to the end consumer at exchange desks.

Dollar on the Rise Again in Costa Rica

September 2009

The currency is moving up again, synchronized to the end of the tax paying period, and after one month of relative stability.

On Monday 14, the dollar began the day valued at ¢581 in the wholesale market. As the trading session progressed, upward pressure began to affect its price. At the end of the day, $1.8 million were traded at the upper enforced limit, ¢596.05.

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