The volume of operations totaled $3.439 billion during the second quarter of the year, registering an increase of 12% with respect to the same period in 2017.
The Central Bank of Nicaragua (BCN) reported that the operations of financial and exchange entities with the public totaled US $3.0542 billion, reflecting a year-on-year increase of 2.1%.In relation to the operations of the Government, banks and financial institutions with the BCN, through the Exchange Desk, they totaled 384.5 million dollars (US $71.9 million in the II quarter of 2017).
The volume of operations in the foreign exchange market totaled $1.166 billion in February 2018, registering an increase of 15% with respect to the same month in 2017.
From a statement issued by the Central Bank of Nicaragua:
March 28, 2018.The volume of operations in the exchange market totaled 1.1662 billion dollars in the month of February (purchases: US $584.8 million and sales US $581.4 million), with a daily average of 48.6 million dollars.
The volume of operations totaled $3.377 billion in the last quarter of last year, registering an increase of 1% compared to the same period in 2016.
In the last three months of 2017, operations made by financial and exchange entities with the public totaled $3.315 billion, reflecting an interannual increase of 3%.Operations by the Government, banks and financial institutions with the Central Bank, through the Exchange Desk, totaled $62 million.
The volume of operations in the exchange market totaled $973 million in July 2017, a decrease of 6% compared to the same month in 2016.
From a statement issued by the Central Bank:
The Central Bank of Nicaragua (BCN) published on September 1, 2017 the Statistical Report on the Exchange Market, corresponding to July of this year.
The volume of operations in the foreign exchange market totaled 972.6 million dollars (purchases: US $497.6 and sales US $475.0 million) during the month of July 2017 (daily average of US $38.9 million), showing a decrease of 6.0 percent, in relation to the same month of the previous year. This behavior was explained by a reduction in the volume of operations made by the BCN exchange desk with banks and financial institutions, followed by exchange offices with the public.
In one day the Central Bank sold $30 million on the wholesale foreign exchange market in order to moderate the upward trend that had been seen in the price of the dollar against the Colon.
The transaction was made in order to prevent sharp fluctuations in the exchange rate, which since the beginning of the year has shown an upward trend in the wholesale Monex market.On Thursday, March 23, alone the Central bank sold $30.9 million, the highest figure of the year.
In Costa Rica several banks expressed their disagreement with the new standard which will prevent them from deciding how much of their capital will be denominated in dollars and how much in colones.
In an attempt to gain more control of the risk involved in foreign exchange transactions by banks and their impact on the exchange rate, the Central Bank has changed therules for foreign exchange cash operations, forcing banks to change the composition of their assets so that the proportion denominated in dollars is equal to the proportion of assets in that currency.
Starting December 22nd 2016 a new rule applies that prevents banks in Costa Rica from deciding how much of their capital they want to hold denominated in dollars and how much in colones.
In an attempt to gain more control of the risk involved in foreign exchange transactions by banks and their impact on the exchange rate, the Central Bank has changed the rules for foreign exchange cash operations, forcing banks to change the composition of their assets so that the proportion denominated in dollars is equal to the proportion of assets in that currency.
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):
The Board of the Central Bank of Costa Rica (BCCR) set out in Article 5 of the session 5300-2006, October 13, 2006, establishing a system for an exchange rate band with effect from October 17, 2006. The scheme was announced as part of the process of a gradual and orderly move to a floating system, a condition for improving the monetary control of inflation.