The price of the US dollar in Costa Rica
After in the increase in the growth rate of the ceiling of the exchange band, the reference exchange rate continues to be close to the ceiling.
Tuesday, January 27, 2009
Nacion.com reports: "The weighted average price (considering the amount traded at each exchange rate) of the wholesale market (Monex) at the end of the day was at 562.28 colones per dollar, very close to the ceiling of the band, which was at ¢563,65 yesterday."
The Central Bank of Costa Rica continues to intervene in the market to prevent the price from exceeding the upper limit of the current bands.
On Tuesday, the 10th, in the wholesale market (MONEX), the exchange rate reached ¢566.85, surpassing by one colón the set ceiling as determined by the BCCR (¢565.85).
The tumble of 5 percent in Costa Rica's exchange rate in a single day has caused some observers to question the model of maintaining an exchange rate range, says Melizandro Quirós in a column in the web site Nacion.com.
The currency is moving up again, synchronized to the end of the tax paying period, and after one month of relative stability.
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