Costa Rica: Less International Reserves

The country's international monetary reserves were down $53.3 million last week, standing now at $3.931 million.

Tuesday, July 28, 2009

This drop is a result of the intervention by the Central Bank in MONEX, the wholesale currency market. To prevent the exchange rate from surpassing the fixed upper limit, the bank sold $32.8 million last week in this market.

More on this topic

Costa Rica Central Bank takes preventative measures

December 2008

The Bank strengthened security measures that are applied to the management of international monetary reserves.

In September, the entity established a policy of not investing more than 6.5% of the total of the reserves with the same issuer. It has now reduced this to 5%.

Costa Rica's international reserves dropped by $92 million

October 2008

The Central Bank's international monetary reserves continued their descent from September 29 and October 3, falling by $92 million.

The current balance is the lowest since June last year.
The Central Bank continues to use its reserves to defend the ceiling (the maximum selling price of the US dollar) of the exchange rate system, since the exchange rate in the wholesale market has been stuck at the top for the last two months due to the high demand for currency in the market.

Costa Rica: Reserves under $4 billion

September 2008

Central Bank reserves fell for the first time since November of last year to under $4 billion.

On September 5, reserves at the Central bank were at $3.92 billion. According to William Calvo, ex-director of the Central Bank's Economic Division, the reserves are still at a good level since they can cover the monetary base and around 3.3 months of imports.

Costa Rica's monetary reserves fall by 99 million dollars

June 2008

In less than two months the Central Bank of Costa Rica has seen a 10 percent reduction in its international monetary reserves.

Since April, when it reached its highest levels of reserves (4.937 billion dollars), it has fallen by 503 million dollars to 4.434 billion.
Just last week the reserves held by the central bank suffered a decline of 99 million dollars.

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