The Upward Pressure Continues on the Dollar in Costa Rica

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.

Monday, March 2, 2009

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. Last week, the monetary authority sold $21.47 million in order to avoid the exchange rate from going over the upper ceiling of the band."

More on this topic

Dollar Causes Headaches in Costa Rica

February 2014

The discretionality of interventions made by the central bank in the foreign exchange market could open the gate for unjust enrichment of those who have inside information.

EDITORIAL

In the best of democratic worlds, the intervention of public employees in the economy generates income transfers between the sectors within the economy, according to state policies that are largely accepted by the population.

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.

Nacion.com 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."

The dollar takes off in Costa Rica as the colón flounders

July 2008

The value of the dollar has risen by 11 percent against the Costa Rican colón over the last three months.

Yesterday, the exchange rate closed in several banks at 555 to the dollar. The central bank narrowed the band within which the rate is allowed to fluctuate and adopted measures to control liquidity.

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