Banks in Costa Rica are opposed to the Central Bank's proposal to modify the rules so that entities buy and sell dollars at the same prices, regardless of whether the amounts to be traded are large or small.
The objective of the changes proposed by the Central Bank of Costa Rica (BCCR) is for banks to always use the same exchange rate for their purchases and sales of dollars, regardless of whether they are large or small amounts.See "The Same Exchange Rate for Everyone"
Following the ending of the contract with the company Exact Change, which offers the service of exchanging currency, Aeris Holding Costa Rica has started procedures for selecting a new provider.
The company managing Juan Santamaria International Airport announced the end of the contract with the Spanish exchange services provider Exact Change, due to the fact that it has not completed the process of registering with the Central Bank of Costa Rica and the Superintendent of Financial Institutions. Therefore preparations are being made, for the coming months, to release specifications for a new tender for the service.
In the next two years, the RMB or Chinese yuan could become one of the major currencies used in global trade.
This was said in London by Douglas Flint, chairman of HSBC Holdings SA, adding that "the renminbi (RMB) will be a growing part of normal business in the everyday life for anyone who trades or invests in China."
"All international business with an eye on China should consider the potential benefits of using the RMB and the investment opportunities in RMB that have been created around the world with the support of the burgeoning overseas markets, particularly in foreign bonds markets," he said.
Starting today, there is no entrance fee for participating in the wholesale dollar market.
Banks, financing companies, currency exchanges, stock brokers, corporations and individuals can buy and sell U.S. dollars electronically in this wholesale market.
From Nacion.com: "The minimum transaction volume is $1.000. Financial entities access the system through Sinpe, the National Payments System.
Starting October 5, the entrance fee for the wholesale currency market Monex will be waived.
The market, operated by the Central Bank of Costa Rica, currently has an entrance fee of $427 (¢250.000), both for companies and individuals.
"Initially, the fee was going to be waived on August 1, but was postponed for September 14, in order to include digital signatures", reports Nacion.com.
Fourth quarter of 2008 registers first decline in nearly a decade. Flows of money sent home by migrants hit by economic slowdown, exchange rate swings
After almost a decade of growth, remittances to Latin America and the Caribbean are likely to decline in 2009 for the first time since the Inter-American Development Bank started tracking these flows in the year 2000. Remittances have been decreasing since late 2008.
Fourth quarter of 2008 registers first decline in nearly a decade. Flows of money sent home by migrants hit by economic slowdown, exchange rate swings
After almost a decade of growth, remittances to Latin America and the Caribbean are likely to decline in 2009 for the first time since the Inter-American Development Bank started tracking these flows in the year 2000. Remittances have been decreasing since late 2008.
They could participate as one more entity in the Foreign Currency Market, buying and selling Currency.
A resolution by the National Council for the Supervision of the Financial System (Conasif) allows for the expansion of the services offered by the exchanges to clients. Now their clients have the option of buy or selling dollars to these entities.