Costa Rica: Free Entrance to Monex

Starting today, there is no entrance fee for participating in the wholesale dollar market.

Tuesday, October 13, 2009

Banks, financing companies, currency exchanges, stock brokers, corporations and individuals can buy and sell U.S. dollars electronically in this wholesale market.

From Nacion.com: "The minimum transaction volume is $1.000. Financial entities access the system through Sinpe, the National Payments System. Individuals and businesses may access through the web page of the Central Bank of Costa Rica".

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Following the ending of the contract with the company Exact Change, which offers the service of exchanging currency, Aeris Holding Costa Rica has started procedures for selecting a new provider.

The company managing Juan Santamaria International Airport announced the end of the contract with the Spanish exchange services provider Exact Change, due to the fact that it has not completed the process of registering with the Central Bank of Costa Rica and the Superintendent of Financial Institutions. Therefore preparations are being made, for the coming months, to release specifications for a new tender for the service.

Costa Rica: Monex Fee Waived

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Starting October 5, the entrance fee for the wholesale currency market Monex will be waived.

The market, operated by the Central Bank of Costa Rica, currently has an entrance fee of $427 (¢250.000), both for companies and individuals.

"Initially, the fee was going to be waived on August 1, but was postponed for September 14, in order to include digital signatures", reports Nacion.com.

Central Bank of Costa Rica opens exchange market to companies and individuals

November 2008

Starting January anyone that is properly registered will be able to buy or sell their dollars directly in Monex-Central Directo.

This will be possible since the Bank decided to integrate the Foreign Currency Exchange Market (Monex) to the Central Directo platform, which until now was used by companies and investors to make deposits at the bank.

Costa Rican stock exchanges operate in exchange market

November 2008

They could participate as one more entity in the Foreign Currency Market, buying and selling Currency.

A resolution by the National Council for the Supervision of the Financial System (Conasif) allows for the expansion of the services offered by the exchanges to clients. Now their clients have the option of buy or selling dollars to these entities.

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