Costa Rica: Dollar Price Increases

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.

Thursday, September 5, 2019

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.

However, in recent weeks the trend has changed because between August 23 and September 5 a rise of 16 colones is reported, going from ₡565,88 to ₡581,33. See full figures.

Francisco de Paula Gutiérrez, former president of the BCCR, explained to that "... What has attracted my attention is that the volume of Monex in those eight days has been very low, what I suspect is that the Central Bank, in some way, began to worry about the process of appreciation that the currency carried.

You may be interested in "Warning of a Possible Fall in the Dollar Price

Amadeo Gaggion, Scotiabank's Treasury Director for Central America, says "... The depreciation observed in recent days in the exchange market responds to a seasonal behavior, which led to the over-the-counter surplus was lower in August compared to the two months expected, also it is likely that some economic agents decided to take advantage of the low levels to acquire dollars.

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Costa Rica: Dollar Price Falls ₡16

November 2019

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.

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