Exchange Rate Rises in Costa Rica

The price of the dollar against the Colon has again started to fluctuate, after having spent several weeks at a relatively stagnant level.

Thursday, September 1, 2011

In the last two weeks there has been a slight rise, of about six colones, at the banks exchange desks.

However, this rise has not appeared the way it normally does, ie first in the Monex wholesale market, where trading banks and financial institutions do business, and then in the exchange rate offered to the end consumer at exchange desks.

One of the reasons for this unusual behavior, seems to be a time lag that made the dollar price seem higher at the exchange desks at Monex.

In an article in Nación.com "Luis Carlos Mora, CEO of National Bank Financial, said the current rates are normal movements.
‘The Bank had lagged behind the rate of Monex, in previous weeks’, said the official. Mora added that generally the second fortnight of each month is marked by greater demand for dollars. "

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More on this topic

Price of Dollar Goes Down in Costa Rica

June 2014

A reduced demand for dollars by the nonfinancial public sector could be the reason behind the reduction of 7.5 colones in the price of the US dollar this week.

Since the last central bank intervention in the wholesale foreign exchange market on June 10, the dollar has shown a downward trend, being quoted at ¢ 546.47 per dollar at the close of June 20.

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.

Dollar Goes Up in Costa Rica

September 2011

In the Monex wholesale market the price of the currency came to 515.29 colones.

Dollar purchases by public agencies appears to be the reason behind the new increase seen in the exchange rate in recent days.

Specifically, the need for dollars by non-banking public entities, from whom the central bank acquires its foreign exchange, was the main reason for the rise, it does not seem to have been affected by other reasons from a macroeconomic point of view that may be impacting on the exchange rate.

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.

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