The Bank of Costa Rica is putting out to tender high-volume verification, counting and sorting machines for banknotes and coins.
Costa Rica Government Purchase 2018LN-000005-01:
"Details of the machines required:
- Fifteen high-volume banknote counters, sorters and checkers.The machines must have at least three output receivers (pockets), one rejection pocket and the feed pocket (total 5), with programming of each output handled independently on site by the Bank user, without the need to depend on technicians from the company.The feed pocket must have a minimum capacity of 500 bills, and in each output pocket a minimum of 250 bills.
The stock price of Copa Holdings has fallen and at the same time the airline has stopped accepting Argentina's currency for ticket sales.
Restrictions in Argentina for converting local currency to dollars and for sending funds abroad, have now forced American Airlines and Air Canada to take the same measure implemented by Copa.
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.
From May 2013 to May 2014 the balance of deposits in dollars increased by 15%.
Up to May this year the balance of current accounts in dollars totaled $3.107 billion and in savings accounts $1.673 billion, 15% and 10% more than in May 2013, respectively. Moreover, certificates of fixed term deposits in foreign currency placed with financial institutions, cooperatives and the Central Government in May 2014 show an increase of 80% compared to the same month last year, according to a central bank report.
It has been noted that the Costa Rican Colon could depreciate 20% more against the dollar in the U.S. and with that correction the exchange rate will reach 650 colones per dollar during 2014.
The accelerated depreciation of the colon against the dollar in the first months of this year could continue throughout 2014. The Costa Rican Colon has room to continue to depreciate by a further 20% against the dollar, according to analysis of the real exchange rate of the Central Bank of Costa Rica.
The Central Bank of Costa Rica has purchased $57 million in the wholesale market to keep the exchange rate from falling below ¢500 per dollar.
The operation is the second largest so far in 2013, after January 9, when the institution was forced to buy $78 million, and the first since August 19.
"During the past three weeks the exchange rate has shown its greatest volatility of the year ranging between ¢505 and ¢500" reports elfinancierocr.com.
The banking system's need to raise money in foreign currency and other internal factors are pushing rates upward.
This is the projection by Adriana Rodriguez, head of strategy at Aldesa. "In the U.S., information from the most recent meeting of the U.S. Federal Reserve has fueled speculation that the bank's policies to stimulate the U.S. economy are entering final stages," noted an article in Elfinancierocr.com.
Although traded amounts are not significant, the increase in the wholesale rate to 504 colones per dollar has altered the downtrend seen in recent months.
From the blog Pulso Bursátil in Aldesa:
Negotiations in MONEX wholesale currency markets rebounded yesterday, seeing transactions for the sale of dollars of ₡503.50 and today there have been some at prices of ₡504.40.
New versions of the bills for ¢5,000 ($10.64) and ¢10,000 ($ 20.08) and a new denomination of ¢50,000 ($100.41), will enter into circulation on Monday August 27.
The treasurer of the Central Bank of Costa Rica announced that the new generation of banknotes meet the international standard known as "Touch, Look, Turn."
An article in Elfinanciero explains the steps to follow to recognize the new notes.
New notes for 5 thousand, 10 thousand and 50 thousand colones (current value $10, $20 and $100 respectively) complete the "family" of currency produced in synthetic polymer.
The Central Bank, after postponing the measure several times, has announced the launch of the new notes which will begin circulating next August.
"The amount of ¢50,000 bills made will depend on demand through the establishment of commercial banks, however, the Central Bank anticipates that in the beginning the amount will be small", reported Nacion.com.
As in Orwell’s fable, Central Banks assume the task of deciding who, among equals, “is more equal than others”.
Paul Laurent Solís analyzed the anathema that has become the label “tax haven”, and remarked the role Central Banks have assumed in Central American economies, especially when they become tools for whichever government that happens to be in power.
Aldesa reported on recent upwards and downwards movements in the price of the Costa Rican colon versus the U.S. dollar.
A slight increase was reported in the exchange rate by the end of last week. $11.2 million were traded at an average price of 524.24 colones, 1.36 more than on Thursday, but 10.77 more than the closing price of the previous week.
“When markets are moving a lot, be prudent. When they remain still, be double prudent”.
In countries with domestic currencies, changes in the exchange rate are always a reason for concern. Economic and financial agents are eager to understand why such fluctuations occur, in order to hedge and if possibly benefit, from them.
Paulo de León, from The Blackbox, compared the price of the Guatemalan Quetzal versus the Euro for the past 10 years.
New bills worth ¢20.000 and ¢50.000 ($36 and $86, at today's currency exchange), will be available in the third quarter of 2010.
On October, the Central Bank had announced they would modify all currency bills used today (color, sizes and illustrations), while adding two new denominations (¢20.000 and ¢50.000).
"The Central Bank has already hired the company who will produce the new set of bills", reported Nacion.com.