Between March 23 and 24 the price of the Quetzal vs. Dollar rose from Q7.67 to Q7.75, which is attributed to the expectations of a possible economic slowdown, due to the impact of the Covid-19 crisis.
The expectations of a decrease in the income of family remittances, the time that the international economy could be depressed and the component of fear in the agents, are other causes of the upward pressure that the exchange rate has reported in the last hours.
During 2019, the price of the dollar in Costa Rica registered multiple fluctuations; however, for this 2020, such abrupt variations are not anticipated, since the Central Bank starts the year with reserves close to $9 billion.
Data from the Central Bank of Costa Rica (BCCR) show that between February 4 and November 28, 2019, the average dollar price in the Costa Rican market fluctuated considerably, ranging from ₡614.31 to ₡562.63.
With the aim of cushioning the fall in the price of the dollar, which between November 5 and 25 was reduced in ₡18,35, in just two days the Central Bank intervened buying more than $30 million.
Of the $41.5 million negotiated at Monex during the November 22 session, the Central Bank of Costa Rica (BCCR) purchased $36 million, and of the $30.7 million negotiated on November 25, the monetary authority acquired $27 million.
In Costa Rica, the exchange rate closed on Tuesday, August 20th at 565.88 colones per dollar in the wholesale market MONEX, its lowest level since late May last year.
The exchange rate for this Tuesday closed at ₡565.88 in MONEX, its lowest level since late May last year. The current level implies an appreciation of the national currency against the dollar of 7.2% so far this year and -0.6% in the comparison of 12 months.
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.
Although Guatemala and the U.S. have already signed an agreement on migration issues, the exchange rate reported a slight increase and the upward trend is expected to continue over the next few days.
President Trump's warning to Guatemala to impose export tariffs and taxes on remittances and transfers had a direct impact on the exchange market.
Data from the Banco de Guatemala indicate that between July 23 and 29 the price of the Quetzal with respect to the US dollar increased from Q7.64 to Q7.68, which according to the authorities is explained by the uncertainty generated by the possible sanctions against the country.
During the first five months of the year, the country received $2.281 million in remittances, 4% more than reported in the same period of 2018, well below the 9% rate reported from January to May 2018.
El Salvador received $2.281 million in family remittances up to May 2019, higher by $84.4 million, equivalent to a 3.8% year-on-year growth with respect to income received under this concept in the same period of the previous year, informed the Central Reserve Bank.
During the first five months of 2019, family remittances sent to Guatemala totaled $4.045 million, 12% more than the same period last year, growth that is higher than the 8% reported from January to May 2018.
The latest figures from the Bank of Guatemala show that in May 2019 the country received remittances of $974 million, 21% more than the $809 million recorded in the same month in 2018.
During the first three months of the year, the country received $1.713 million in family remittances, 10% more than in the same period of 2018.
Statistics from the Central Bank of the Dominican Republic show that between the first three months of 2018 and the same period of 2019, the total of remittances sent to the country grew by $162 million, from $1.551 million to $1.713 million.
During the first four months of the year, family remittances received by the country totaled $1.776 million, 4% more than reported in the same period of 2018.
Family remittances from El Salvador totaled $1.776 million in the first four months of 2019, $66.1 million more than the income received under this concept in the same period of the previous year, informed the Central Reserve Bank.
From January to March of this year, the country received $1.185 million in family remittances, an amount 10.1% higher than that reported in the first quarter of 2018.
Figures from the Central Bank of Honduras indicate that during the first three months of this year the country received family remittances of $1,185 million, a figure that is $109 million higher than the $1,076 registered in the first two months of 2018.
In the first three months of 2019, income from family remittances in the country totaled $2,205 million, 9% more than in the same period last year.
The latest figures from the Bank of Guatemala show that in March 2019 the country received $826 million in remittances, 10% more than the $754 million recorded in the same month in 2018.
Between the first quarter of 2012 and the same period of 2019, remittance income has practically doubled, as figures rose from $1,058 million in 2012 to $2,205 million in 2019.
During last year, family remittances sent to the country totaled $1.501 million, 7.9% more than the $1.391 million reported in 2017.
In terms of year-on-year growth, Nicaragua ranks fifth as a recipient of family remittances at the regional level. Remittances to Honduras registered the highest growth in the region, 14%, followed by Guatemala (13.4%) and the Dominican Republic (10.4%), according to a report by the Central Bank of Nicaragua (BCN).
During 2018, family remittances to Central American countries and the Dominican Republic totaled $28.670 million, of which $9.288 million went to Guatemala.
In 2018, family remittances to Central America and the Dominican Republic (CARD) grew 11%, showing a slight slowdown with respect to what was observed in 2017 (12.0%). This slight slowdown was observed in all countries except Honduras, explained the Economic Commission for Latin America (ECLAC).
During January 2019, family remittances sent to the country totaled $407 million, almost 6% more than what was reported in the same month of 2018.
According to information from the Central Reserve Bank (BCR), the five main regions receiving family remittances in January 2019 were: San Salvador (20.2% of the country's total remittances), San Miguel (11.8%), La Unión, Santa Ana and La Libertad with 7.9% each.