Because of the growing supply of dollars in the local market, which is explained in part by the income of $1.5 billion from the recent issue of Eurobonds, so far in November the price per dollar in the wholesale market has been reduced at ₡16,55.
Official figures from the Central Bank of Costa Rica (BCCR) report a downward trend in recent weeks, as between November 5 and 22 the price has dropped from ₡585,52 to ₡568,97, equivalent to a 3% variation. See full figures.
After the exchange rate closed on August 23 at ₡565,88 per dollar in the wholesale market MONEX, an upward trend has been reported since then, reaching ₡581,33 per dollar on September 5, which could be the result of a lower participation of the Central Bank in the exchange market.
Official figures from the Central Bank of Costa Rica (BCCR) report that between early February and mid-August of this year, there has been a fall of up to 48 colones per dollar, when reporting a drop in the average rate in the wholesale market Monex from ₡613,87 to ₡565,88.
In Costa Rica, the exchange rate closed on Tuesday, August 20th at 565.88 colones per dollar in the wholesale market MONEX, its lowest level since late May last year.
The exchange rate for this Tuesday closed at ₡565.88 in MONEX, its lowest level since late May last year. The current level implies an appreciation of the national currency against the dollar of 7.2% so far this year and -0.6% in the comparison of 12 months.
A greater supply of dollars, high local interest rates and a decrease in imports of durable goods explain the decreasing trend of the exchange rate in Costa Rica, which on June 18 reached the lowest level of the year.
In 2018, the dollar price against the Colon was on an upward trend, however, between February 6 and mid-June of this year, there has been a fall of up to 28 colones per dollar. [GRAFICA caption="Click to interact with graph"]
In Costa Rica, the Basic Passive Rate keeps on rising and this week increased from 6.30% to 6.35%, while the Effective Rate in Dollars decreased from 2.99% to 2.92%.
The Central Bank of Costa Rica published on Wednesday afternoon June 12 that after remaining unchanged the previous week, the Basic Passive Rate increased by 0.05%, and will remain at 6.35% until next June 19.
In Costa Rica, the exchange rate of the Colon against the Dollar began 2019 upwards, but from February 6 to mid-May, a fall of up to 26 colones per dollar has been reported.
After the average exchange rate against the Dollar in the Monex wholesale market increased from ¢609.05 to ¢613.87 between January 1 and February 6 of this year, there have been continuous declines in recent months, with one of the lowest levels of the year being recorded on May 16, ¢587.97.
In Costa Rica, the exchange rate of the U.S. dollar against the Colon began to rise in April, but from the 3rd to date, a fall of up to 12 colones per dollar has been reported.
After the average exchange rate against the dollar in the Monex wholesale market increased from ¢599.2 to ¢607.9 between March 29 and April 3, there have been continuous declines in the last few days, since as of this month's 17th it decreased to ¢595.8, one of the lowest levels of the year.
In Costa Rica, in the first half of the month, the exchange rate of the dollar with respect to the colon recorded a downward trend, however, from January 16 to 24 it increased almost 9 colones per dollar.
After the average exchange rate against the dollar in the wholesale market fell from ¢610.7 to ¢600.3 between January 8 and January 16, Monex has registered continuous increases in the last few days, rising to ¢609 on January 24.
The exchange rate began in November by recording ¢621 in the windows of some banks and ¢617 in the Monex wholesale market.
In accordance with reports since mid-August, the upward trend of the exchange rate in Costa Rica is not slowing down. According to data from the Central Bank, between August 16th and November 1st in the wholesale market Monex, the Colon has registered a depreciation in relation to the U.S.
In Costa Rica, the currency depreciation persists, with the exchange rate reaching ¢616 in the windows of some banks and ¢610 in the Monex wholesale market.
The increasing trend of the exchange rate in Costa Rica is not stopping. According to data from the Central Bank, between September 27 and October 30 in the wholesale market Monex the Colon has registered a considerable devaluation against the U.S.
The Costa Rican currency continues to depreciate, and the exchange rate in some Banks was already 600 Colones and more per dollar.
The upward trend of the exchange rate in Costa Rica has been observed in recent days. The Central Bank estimates that between September 27 and October 11, the exchange rate in the wholesale market Monex reported a clear upward trend, which is reflected in the increase from ¢570.75 to ¢597.43 per dollar, equivalent to a depreciation of 4.67%. [GRAFICA caption="Click to interact with graphic"]
The Effective Rate in Dollars increased from 2.40% to 2.43%, while the Basic Passive Rate continued for the second week at 5.8%.
The Central Bank of Costa Rica announced on Wednesday, October 10th that after the 0.10% decrease in the previous week, the Basic Passive Rate did not change and will be stable at 5.80% until next Wednesday, October 17th.
The basic passive rate is an average of the collection rates in Colones of the financial entities in terms of 150 to 210 days.
The exchange rate in the wholesale market Monex reported a clear upward trend during the first four days of the week in Costa Rica, increasing from ¢589.49 to almost ¢600 per dollar.
The Costa Rican currency depreciation against the U.S. dollar has been increasing in recent weeks, mainly due to the uncertainty over the fiscal situation and the greater perception of risk by investors and consumers, even though the tax reform law has already been approved in the first debate. The new law's future depends on the Constitutional Chamber, which must give its approval before being discussed and eventually approved in the second debate. See: "Tax reform: Partial Solution." [GRAFICA caption="Click to interact with the graphic"]
The impact of the strike, the uncertainty of the fiscal situation and the increased risk perception by investors and consumers, explain much of the depreciation that the Colon is suffering against the dollar in Costa Rica.
Figures from the Central Bank of Costa Rica (BCCR) suggest that between September 27th and October 5th the exchange rate in the wholesale market Monex registered a significant upward trend, which is reflected in the increase from ¢570.75 to ¢591.25 per dollar, equivalent to a depreciation of 3.59%.
Even though the Central Bank of Costa Rica intervened yesterday selling $31 million in the foreign exchange market, at the end of the day the exchange rate in the Monex market stood at ¢585.8 per dollar.
According to figures from the Central Bank of Costa Rica, between September 25 and 26 the weighted average exchange rate in Monex rose from ¢579.54 to ¢581.76.This depreciation came a day after the government announced that with a "loan" of $866 million from the Central Bank, it would pay part of its current obligations for the last quarter of the year.See: "Clutching at Straws" in Costa Rica".