Dollar on the Rise Again in Costa Rica
The exchange rate showed a strong rise in the MONEX wholesale market, once again colliding with the upper intervention limit.
Wednesday, July 8, 2009
An ALDESA report indicates that on July the 3rd, the average exchange rate was ¢577.93, and the following Monday it was ¢581.97, but, at the end of the trading session, a maximum of ¢586.05 was achieved. This is the value set for the upper intervention limit, suggesting the Central Bank of Costa Rica had to sell dollars again.
The exchange rate in the wholesale market reached 558 colones per dollar, while at bank counters one dollar was being sold (on Wednesday March 5th) at 565 colones.
A reduced demand for dollars by the nonfinancial public sector could be the reason behind the reduction of 7.5 colones in the price of the US dollar this week.
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.
Over three consecutive days the central bank injected $39.4 million into the wholesale foreign exchange market in order to control the rise of the dollar against the local currency.
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