Costa Rica's Central Bank sells $600 million of its reserves

The Central Bank of Costa Rica said Wednesday that it sold 600 million dollars of its international reserves between April and mid-June to strengthen the local currency.

Thursday, July 3, 2008

The bank introduced an exchange rate band in 2006 and broadened the range in November 2007. It now has a floor of 498.39 colons per dollar, and a ceiling of 562.83 colons.
On Wednesday the colon closed at 522.81 to the dollar.

More on this topic

$243 Million from IMF for Guatemala

September 2009

The Central Bank of Guatemala (Banguat) increased its international reserves with the approval of Special Wire Rights by the IMF.

Julio Suárez, vice president of the Banguat, said that "currently these funds are part of our international monetary reserves, and if the need arises, they can be used".

Costa Rica's international reserves dropped by $92 million

October 2008

The Central Bank's international monetary reserves continued their descent from September 29 and October 3, falling by $92 million.

The current balance is the lowest since June last year.
The Central Bank continues to use its reserves to defend the ceiling (the maximum selling price of the US dollar) of the exchange rate system, since the exchange rate in the wholesale market has been stuck at the top for the last two months due to the high demand for currency in the market.

Costa Rica's Central Bank warns of a major economic adjustment

July 2008

The president of the Central Bank of Costa Rica, Francisco de Paula Gutiérrez, warned the country that it will have to make a strong economic adjustment.

The high cost of food and fuel, the scarcity of external resources, and low growth in its leading trade partner, the United States, are forcing the country to make adjustments to maintain economic stability.

Costa Rica's monetary reserves fall by 99 million dollars

June 2008

In less than two months the Central Bank of Costa Rica has seen a 10 percent reduction in its international monetary reserves.

Since April, when it reached its highest levels of reserves (4.937 billion dollars), it has fallen by 503 million dollars to 4.434 billion.
Just last week the reserves held by the central bank suffered a decline of 99 million dollars.

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