Dollar Price: Greater Stability Expected

During 2019, the price of the dollar in Costa Rica registered multiple fluctuations; however, for this 2020, such abrupt variations are not anticipated, since the Central Bank starts the year with reserves close to $9 billion.

Friday, January 10, 2020

Data from the Central Bank of Costa Rica (BCCR) show that between February 4 and November 28, 2019, the average dollar price in the Costa Rican market fluctuated considerably, ranging from ₡614.31 to ₡562.63.

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For the economist Luis Mesalles, "... With the entry of funds from foreign debt, not only the Eurobonds that have just entered, but also those that are being negotiated, and a recovery of confidence in the government ... there will be fluctuations, but in smaller ranges."

If no further external financing is approved, economist Norberto Zuñiga told that "... But even in the worst case, that Congress does not approve additional external financing, an unlikely scenario, the exchange rate should not experience a large devaluation."

Experts agree that in a context where the BCCR starts the year with high reserves and in cases of abrupt fluctuations, the monetary authority will have the capacity to intervene in the market.

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Costa Rica: Intervention in the Foreign Exchange Market

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With the aim of cushioning the fall in the price of the dollar, which between November 5 and 25 was reduced in ₡18,35, in just two days the Central Bank intervened buying more than $30 million.

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Uncertainty Over Dollar in Costa Rica

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A proliferation of articles, reviews and editorials on the exchange rate is the best example of the prevailing concern in a market waiting for a clear definition of the exchange rate policy by the Central Bank.


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The Central Bank of Costa Rica and the Exchange Rate

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From a communiqué by the Central Bank of Costa Rica: