Dollar on the Rise Again in Costa Rica

The currency is moving up again, synchronized to the end of the tax paying period, and after one month of relative stability.

Wednesday, September 16, 2009

On Monday 14, the dollar began the day valued at ¢581 in the wholesale market. As the trading session progressed, upward pressure began to affect its price. At the end of the day, $1.8 million were traded at the upper enforced limit, ¢596.05.

A total of $17.6 million was traded in the market that day, at an average price of ¢588.54, ¢5.48 more than Friday's average.

International monetary reserves diminished $22.8 million last week, from $4.07 billion to $4.05 billion.

More on this topic

The Upward Pressure Continues on the Dollar in Costa Rica

March 2009

The Central Bank of Costa Rica continues to intervene in the market to prevent the price from exceeding the upper limit of the current bands.

In its report "On the Market Today," Aldesa group reported that, "The Central Bank of Costa Rica continues to intervene in the foreign exchange market by selling dollars.

Costa Rica: Dollar is Quoted Above Set Bands

February 2009

On Tuesday, the 10th, in the wholesale market (MONEX), the exchange rate reached ¢566.85, surpassing by one colón the set ceiling as determined by the BCCR (¢565.85).

The exchange rate has remained pegged to the upper band in the last few weeks. This situation and the increase in the volume of transactions reflect the resurgence of the demand for dollars.

The price of the US dollar in Costa Rica

January 2009

After in the increase in the growth rate of the ceiling of the exchange band, the reference exchange rate continues to be close to the ceiling. reports: "The weighted average price (considering the amount traded at each exchange rate) of the wholesale market (Monex) at the end of the day was at 562.28 colones per dollar, very close to the ceiling of the band, which was at ¢563,65 yesterday."

5% jump in Costa Rica's currency raises eyebrows

July 2008

The tumble of 5 percent in Costa Rica's exchange rate in a single day has caused some observers to question the model of maintaining an exchange rate range, says Melizandro Quirós in a column in the web site

Under this system, the external shocks are absorbed by the exchange rate, says Quirós.

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