Pressure build up for cheaper Costa Rican colón
Pressure is building to step up the depreciation of Costa Rica's colón.
Tuesday, May 20, 2008
Analysts say that, though the turbulence in the money markets is over for the time being, factors persist that point to a depreciation of the colón over the next year to 18 months.
Several experts have mentioned factors that justify this forecast, including foreign currency purchases by the government.
"The job of a central bank is not to accelerate the growth of the economy" said Rodrigo Bolaños, President of Banco Central de Costa Rica.
It has been noted that the Costa Rican Colon could depreciate 20% more against the dollar in the U.S. and with that correction the exchange rate will reach 650 colones per dollar during 2014.
The Chamber of Exporters of Costa Rica has detailed the losses by the sector caused by the significant appreciation of the colon in the last three years.
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