Exchange Rate Lowered in Costa Rica

Last Friday the average exchange rate settled at ¢573.87, ¢10.98 under the upper band for the day.

Monday, June 29, 2009

For the second week in a row the Central Bank of Costa Rica did not intervene in the exchange market because the exchange rate fell below the upper band.

The payment of taxes could have caused a slight lowering of the exchange rate because it must be paid in colones. The payment of taxes is an element that puts downward pressure on the exchange rate because it increases the supply of currency. Some multi-national companies bring capital, and other companies liquidate their investments in dollars in order to pay their taxes.

More on this topic

Costa Rica Formalizes Managed Floatation of Dollar

February 2015

The Central Bank of Costa Rica has officially eliminated the exchange rate band which has been in place since 2006, and let the exchange rate float, reserving the right to "participate in the market to prevent violent fluctuations".

From a statement issued by the Central Bank of Costa Rica (BCCR):

Dollar in Costa Rica: Wholesale Market Participants Excluded

June 2014

In an attempt to limit exchange rate volatility, the Central Bank has determined that non-bank public companies can no longer trade currencies in the Monex wholesale market.

As explained by the entity, the foreign exchange requirements of the Non Banking Public Sector will not be served directly by the BCCR using international reserves.

Costa Rica: Central Bank Intervenes in Exchange Market

May 2014

Over three consecutive days the central bank injected $39.4 million into the wholesale foreign exchange market in order to control the rise of the dollar against the local currency.

The U.S. dollar was quoted on Thursday May 29 at 559 colones in the Monex wholesale market, which is above the average value of 555.6 colones per dollar recorded on Wednesday 28 May.

Dollar on the Rise Again in Costa Rica

July 2009

The exchange rate showed a strong rise in the MONEX wholesale market, once again colliding with the upper intervention limit.

An ALDESA report indicates that on July the 3rd, the average exchange rate was ¢577.93, and the following Monday it was ¢581.97, but, at the end of the trading session, a maximum of ¢586.05 was achieved.

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