Dollar Price Keeps Going Down

A greater supply of dollars, high local interest rates and a decrease in imports of durable goods explain the decreasing trend of the exchange rate in Costa Rica, which on June 18 reached the lowest level of the year.

Wednesday, June 19, 2019

Exchange Rate (Colones / US Dollar)
Costa Rica
Al June 19th, 2019  

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In 2018, the dollar price against the Colon was on an upward trend, however, between February 6 and mid-June of this year, there has been a fall of up to 28 colones per dollar. Click to interact with graphClick to interact with graph

Figures from the Central Bank of Costa Rica (BCCR) specify that so far this year have been reported ups and downs, as between January 1 and February 6 the average exchange rate against the Dollar in the wholesale market Monex increased from ¢609.05 to ¢613.87, but recent months have been marked by a downward trend, to register on June 18 the lowest level in 2019, ¢585.82.

This downward trend was noticed by the country's export sector, which weeks ago asked the Central Bank "to avoid distortions in the fixing of the exchange rate by the oversupply of dollars from the sources of financing of the fiscal deficit.”

See "Warning of a Possible Fall in the Dollar Price

Gerardo Corrales, an economist, explained to Elobservador.com that "... the exchange rate is sustained at low levels as a result of lower imports of vehicles, white goods and other durable goods. There is a greater supply of dollars coming from the conversion of investments from dollars to colones, to take advantage of higher interest rates."

Alberto Franco added that "... high local interest rates attract financial capital. High local interest rates, in turn, are the result of a fiscal deficit financed with domestic resources.

Daniel Succar, thinks that "... The country is going through a period of slow economic activity. People are saving, with a view to what might happen with VAT."

Also see "Costa Rican Economy Keeps Slowing Down

Regarding the behavior of economic activity, the latest BCCR report explains that to April of this year the Monthly Economic Activity Index reported in April a 1.6% year-on-year increase, variation that is lower to the 1.8% growth reported in March.

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More on this topic

Strong Dollar Income to Press Exchange Rate

July 2019

In Costa Rica, it is expected that the downward trend that has been showing the exchange rate since February will intensify in the coming months, when the $3.580 million begins to enter as a result of the issuance of Eurobonds and loans granted by external entities.

According to data from the Central Bank of Costa Rica (BCCR), between the beginning of February and July 30 of this year, there has been a fall of up to 44 colones per dollar, reporting a drop in the average rate in the wholesale market Monex from ¢613.87 to ¢570.13.

Concern over Dollar Price Decline

July 2019

In Costa Rica, exporters and businessmen of the tourism sector are concerned about the decreasing trend that in recent months has reported the exchange rate, which on July 18 was quoted at ¢575.7 per dollar.

Official figures report that between early February and mid-July of this year, there has been a fall of up to 38 colones per dollar, as the average rate in the Monex wholesale market fell from ¢613.87 to ¢575.69.

Dollar Price Goes Down

April 2019

In Costa Rica, the exchange rate of the U.S. dollar against the Colon began to rise in April, but from the 3rd to date, a fall of up to 12 colones per dollar has been reported.

After the average exchange rate against the dollar in the Monex wholesale market increased from ¢599.2 to ¢607.9 between March 29 and April 3, there have been continuous declines in the last few days, since as of this month's 17th it decreased to ¢595.8, one of the lowest levels of the year.

Dollar Keeps Rising in Costa Rica

March 2014

The exchange rate in the wholesale market reached 558 colones per dollar, while at bank counters one dollar was being sold (on Wednesday March 5th) at 565 colones.

The price of the dollar in Costa Rica has not found an upper limit, trading at 565 colones per dollar at some bank counters, which is sixty colons more than earlier this year.

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