Colon Keeps Devaluing

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.

Tuesday, October 30, 2018

Exchange Rate (Colones / US Dollar)
Costa Rica
Al June 19th, 2019  


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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. dollar, reflected in the increase from ¢570.75 to ¢609.90 per dollar, which is equivalent to a variation of almost 7%. Click to interact with graphicClick to interact with graphic

Regarding the exchange rate announced at the window, it is reported that today the sales rate was ¢616 per dollar in three banks. The other banks recorded sales exchange rates ranging from ¢613 to ¢615.

On the matter, Ariel Barrantes, Risk Analyst of Cathay Bank, explained to that "... It is part of what happened in the previous days, uncertainty continues about the future of public finances, continue the pressures of demand at the window of the intermediaries for dollars and in addition, there has been greater flexibility of the Central Bank regarding the intervention for stabilization while managing the demand for public sector dollars via reserves."

Mario Vasquez, Scotiabank's director of treasury, said that "... In addition to the seasonal factors of the time and the subject of the fiscal plan and its approval, the efforts of the Ministry of Finance to manage their obligations are also added."

Last Friday, the Central Bank reported that the pressure on the exchange rate observed in September and October is consistent with a lower availability of the currencies in the Costa Rican market (deficit in "windows" of USD 6.8 million and USD 53.3 million in September and October, until the 19th, in that order)." Although the seasonality that characterizes these months influenced this behavior, the lack of a solution to the structural problem of public finances generates uncertainty among some economic agents, it is estimated that the demand for foreign currency increased.

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The Costa Rican currency continues to depreciate, and the exchange rate in some Banks was already 600 Colones and more per dollar.

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