The dollar exchange rate dropped almost ¢4 colones in less than a week, as the Colon is now exchanged at less than ¢570 per one US dollar.
On Monday, the official dollar exchange reference rate of the Central Bank was ¢566.41 for the sale and ¢572.11 for the buy. This morning, Saturday, it is ¢562.68 and ¢568.66, respectively, a drop of ¢3.73 and ¢3.45.
The reason for the drop, according to Central Bank officials, is the US one billion dollars the Central Bank has currently on hand.
The rate at banks is slightly different than the reference rate set by the Central Bank. The law allows the financial or commercial market to apply different exchange rates to the dollar and for now there is no reform proposed to change this.
For example, this morning the exchange rate at the Banco de Costa Rica (BCR) is ¢559 for the buy and ¢571 for the sell and ¢569.50 and ¢572.50 at the Banco Nacional (BN).
At the private banks, the exchange rate at Scotiabank – the largest of the private banks in Costa Rica – and Banco BAC, this Saturday morning is ¢559 for the buy and ¢572 for the sell.