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 volume negotiated was also on the rise yesterday, with $10.6 million exchanged, compared to $3.2 million on Friday. Despite the positive result in the external account balance of the country for the first quarter, the capital and financial account saw a deterioration, caused by lower levels of direct foreign investment and payment of external loans by the private sector. In the second quarter, as opposed to what happened in the first, a drop in international reserves was observed, suggesting that the capital and financial account deficit maintained the currency shortage in the country.

More on this topic

Dollar Keeps Rising in Costa Rica

March 2014

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.

The price of the dollar in Costa Rica has not found an upper limit, trading at 565 colones per dollar at some bank counters, which is sixty colons more than earlier this year.

Price of Dollar Goes Down in Costa Rica

June 2014

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.

Since the last central bank intervention in the wholesale foreign exchange market on June 10, the dollar has shown a downward trend, being quoted at ¢ 546.47 per dollar at the close of June 20.

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.

Costa Rica: Central Bank Intervenes in Exchange Market

May 2014

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.

The U.S. dollar was quoted on Thursday May 29 at 559 colones in the Monex wholesale market, which is above the average value of 555.6 colones per dollar recorded on Wednesday 28 May.

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