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.
The Central Bank's international monetary reserves continued their descent from September 29 and October 3, falling by $92 million.
In less than two months the Central Bank of Costa Rica has seen a 10 percent reduction in its international monetary reserves.
Central Bank reserves fell for the first time since November of last year to under $4 billion.
The Bank strengthened security measures that are applied to the management of international monetary reserves.
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