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Dollar Exchange Shows Atypical Behavior in May

The dollar exchange this month of May is presenting an atypical behavior with respect to its historical behavior. Generally, between April and October, the price of the dollar rises because the market has less foreign currency, according to the study approximation of seasonal patterns in...

Local Currency Shortage Pushes Interest Rates Up

In Costa Rica, the government's strong need for financing and the Central Bank's exchange rate interventions have been putting pressure on the local financial market, pushing up passive rates in Colones. The decrease in liquidity in Colones generated by the pressure exerted by the government...

Dollar exchange reinforces cyclical behavior with a low in mid-March

As it occurred three months ago, the dollar exchange fell this week, dropping ¢11.82 colones in the last several days. On December 15 last, the buy dropped to ¢593.21 and the sell to ¢598.69 after reaching a high of ¢605 / ¢610.79 weeks earlier. In the...

Costa Rica: 1.7% Inflation up to January 2019

The consumer price index did not show any major changes in January 2019, as it barely varied by 0.05% with respect to December 2018, mainly because of the Transport and Education prices. Of the 315 goods and services included in the 'canasta basica' (basic consumption...

External Bonds and No Strikes Key To Growth

The growth of the Costa Rican economy will be 3.2% in 2019 and 3.0% in 2020 - levels higher than the estimated increase for 2018, of 2.7% -, according to the Macroeconomic Program 2019-2020 of the Central Bank. Even several indicators are positive, from stable...

Dollar Exchange Closes The Year At ¢611.75

It's been a roller coaster for the dollar exchange the last couple of months, reaching a high of ¢631.30 on November 7, then dropping back down to ¢600 and staying there the past couple of weeks. However, the exchange rate began climbing again the last...

Dollar Tanks, Drops ¢19 This Week

Are We Being Played? The average price of the dollar in the wholesale market dropped ¢19.5 colones this week, while the Central Bank (Banco Central) reserves also continued to fall. The drop in the price of the dollar was influenced by a greater supply of...

Banks Throttle Back Slightly On The Dollar, As Spiral Upwads Continues

It's been a frantic week, a financial rollercoaster for the dollar exchange. In the week, the foreign currency appreciated by ¢18.39, opening last Friday at ¢601.25 and closing yesterday at ¢619.64 in the wholesale market. At some banks we saw a high of ¢630 colones...

Hello, Devaluation! Central Bank ‘Got Tired’ Of Spending Reserves To Curb Rise In The Dollar

On Wednesday, October 31, 2018, the dollar exchange moved from one to the next in a way it has never done before, up ¢10 colones in the wholesale market (Monex) and ¢15 in the retail market (banks). The dollar exchange reference rate posted this morning...

Strong Demand Pushes Up US Dollar Exchange

The strong demand for the US dollar that remains in the foreign exchange market, compared to the available supply, raised this Tuesday, October 30, again, the average price of the dollar in the wholesale market, up to ¢609.90, a rise in ¢4.84 compared to...

Dollar Exchange Recorded On Monday The Highest Single Day Increase of 2018

The average price of the US dollar in the Monex wholesale market rose on Monday, October 29, ¢3.81, this is the most important daily variation recorded this year. In addition, the value of the dollar reached this Monday is 6.2% higher than that registered...

Dollar Crosses ¢600 Barrier

The dollar exchange  continued its rise this Friday, October 26, reaching above the ¢600 barrier, with the Banco Central (Central Bank) setting the sell rate for today at ¢601.40. The buy rate is ¢594.51. State and private banks were quick to respond. The rate at the Banco...

Price of the dollar continues to rise, already hits ¢600 at banks

The price of the dollar exchange continues to rise and the sale value at state banks close to ¢600, it is above that at some of the private banks. This morning, the Banco Central de Costa Rica (BCCR) - Central Bank - set the sell...

Pessimism reigns among businessmen

Pessimism reigns among entrepreneurs, in terms of how the Costa Rica economy could close the year. It is expected that the government will reach an agreement to have the 38 votes that would legitimize the tax reform bill, which would give businessmen clarity, otherwise, there...

Central Bank intervenes with US$41 million to soften the rise in dollar exchange

The government is scraping the barrel to finance public spending, while the market reacts to a quick and sharp rise in the colon - dollar exchange rate. The upward pressure on the price of the dollar continued on Thursday in the wholesale currencies market, the...

Government resorts to “pawning grandma’s jewelry” to pay debts

The Government resorted to "pawning grandma's jewels" to be able to face the debts for the next quarter. Those are the simple words to understand the government's decision Tuesday afternoon of the issuance of ¢498 billion colones in treasury bills, which can be acquired...

Dollar exchange rate on the rise

The uncertainty generated by the deteriorating fiscal situation and the economic slowdown explain the increase shown by the exchange rate of the US Dollar compared to the Colón, which recorded twelve days of consecutive increases. According to the Central Bank (Banco Central - BCCR) authorities,...

Why did the dollar exchange rate rise in recent days?

The national and state banks posted an exchange rate of between ¢580 and ¢585, on the afternoon of August 31, for one US dollar. Today, Tuesday, September 4, the sell rate at the Banco de Costa Rica (BCR) and Banco Nacional (BN) was ¢588 and...

Increase in the Dollar Exchange

After three months of relative stability, the exchange rate of the U.S. currency compared to the Colón increased from ₡568 in mid-August to ₡575.67 this morning. Nacion.com reports that "...Although the variation is small, since it is only 0.64%, it breaks a stable period that...

Strong Rebound in Construction Boosts Costa Rica’s economy

A strong recovery in construction modified the growth trend that the Costa Rican economy had been showing, which now reports 10 consecutive months of acceleration. The monthly index of economic activity (IMAE) began to accelerate as of August last year and reported, as of May,...

Dollar Exchange Rate Expected To Move Starting In August

In a few months, the dollar exchange is expected to move, though experts are not clear if the move is upward or downward. The exchange rate that many see as 'stuck' or "artifically floated" is expected with the arrival of the new boss at the...

Costa Rica GDP Up 3.2% in 2017

The increase reported at the end of the fourth quarter of 2017 is mainly explained by higher spending on final household consumption and higher gross capital formation. From a report by the Central Bank of Costa Rica: In the fourth quarter of 2017, economic activity, measured...

“Monumento Los Presentes”

The "Momument Los Presentes" (Momument To Those Present), a sculptural set made of bronze composed of nine life-size figures, representing the Costa Rican peasant. The work personifies the typical inhabitants of the Central Valley, in danger of disappearing due to modernization; Paradoxically, they are represented...

Costa Rica Treasury Issues US$514 million in Bonds

In the local market, an issuance was made of a fixed-rate security with maturity in November 2021 and 216 billion in securities in colones, with terms ranging from 2020 to 2029. In a statement, the Ministry of Finance reported that "...The issue in colones raised...

Colombia Aims to Remove Three Zeros From Peso Bills

Colombian authorities want the face value of 500-peso coins to be slashed to 50 centavos, while the minimum wage would be reduced from 781,242 pesos to 781. A drastic reduction in the values of change, however, it should not be something alarming, likely only to...

Dollar Exchange Takes A Dive This Week

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...

Tourism Generated US$228 Billion In The Last Decade

Tourism has become the great machine for obtaining dollars for the Costa Rican economy, and the data supports the claim. In the last ten years, the tourism industry generated US$28 billion dollars and with the exception of 2009, due the consequences of the global crisis,...

Central Bank To Replace SINPE With IBAN For Interbank Transfers

The Central Bank announced it will end the SINPE (Sistema Nacional de Pagos Electrónicos) transfers format by the end of the year, when all financial entities must apply the International Bank Account Number (IBAN). Starting on January 1, 2019, the 17 digit SINPE client account...

New ¢1,000 Not Fake: New Series Issued With Changes

The Banco Central (Central Bank) confirmed on Monday, January 22, that the new ¢1,000 banknote in circulation is not counterfeit, as it has been reported on social networks, in particular, WhatsApp groups. The Central Bank reassured the new series 'B' bank notes, that replace the...

Electronic Payment System For Public Transport Will Be Universal

The universal electronic payment system for bus fares will have to wait until 2019, as transport authorities continue with their plan to make travel in public transport easier for users (passengers), bus drivers and operators. The plan being worked on is to allow users to...

Costa Rica Colon / US Dollar Exchange Rate Expectations

It is expected that under current economic conditions, the local currency will depreciate on average 3.6% against the US dollar in 2018. The monthly survey on expectations of exchange rate variations up to December 2017 made by the Banco Central de Costa Rica (BCCR) -...

Costa Rica’s Central Bank Gets US$1 Billion Credit Line To Strengthen Foreign Reserves

Costa Rica's Central Bank (Banco Central de Costa Rica - BCCR) is getting a billion-dollar boost by way of a credit line from the Latin American Reserve Fund (Fondo Latinoamericano de Reservas - FLAR) to strengthen its international reserves position. The loan, requested in June,...

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