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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More on this topic

Dollar price exceeds ¢600

October 2018

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"]

Costa Rica: US/Colon Exchange Rate Expectations

January 2018

It is expected that under current economic conditions, the local currency will depreciate on average 3.6% against the US dollar in 2018.

The monthly survey on expectations of exchange rate variations up to December 2017 made by the Central Bank, foresees that during the next 12 months the Colón will depreciate by 3.6%, which would mean an increase of ₡20.52 according to the average price on the Monex Wholesale Market of ₡570.20 at the close of last year.

Costa Rica: Slow Depreciation of Colon Continues

September 2016

The exchange rate in the wholesale Monex market has gone from ₡535.9 per dollar in mid-March to ₡553.9 in the first week of September this year.

Despite interventions by the Central Bank, the exchange rate in Costa Rica has maintained a clear upward trend for several months, reflecting in a devaluation of 3% so far this year.

Further Devaluation of Costa Rica's Currency Projected

May 2014

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 accelerated depreciation of the colon against the dollar in the first months of this year could continue throughout 2014.

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