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My Two Colones

For the most part, people get extremely concerned when they hear the words recession, inflation or devaluation. Do not panic, all of these are natural stages of the economic cycle that every country has to go through over time. While it is important to have...

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...

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...

Learn to check your cash and avoid scams

The Banco de Costa Rica (BCR) is recommending its clients and the general public to be alert, to check their cash to avoid falling victims of scams, receiving false bills when getting change back. Among the recommendations by the State bank: Do not lose sight...

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...

FAC Expands Online Card-Processing Services

Payments technology company First Atlantic Commerce  (FAC)  has expanded its online card-processing services across Central America. The Bermudian-based payment gateway can now offer payment solutions to merchants in Costa Rica, Honduras, El Salvador, Guatemala and Nicaragua through a new integration to a processor in the...

Can You Imagine A Costa Rica Without All Those 0’s In Its Money?

The new to Costa Rica are often bewildered by all those zeros following the numbers 1 to 9 to in the local currency. Even after living in Costa Rica for almost two decades, I am still awed by figures in the tens, even hundreds...

The USD…

Once again it is time to consider the US dollar as the one currency of Costa Rica. This duo currency (USD – Colon) makes no sense right now and for the foreseeable future. The national colon is outdated and, obviously, cannot be controlled in its...

Dollar Exchange Rate Keeps Climbing, It Has Already Reached ¢595

Q COSTA RICA - The Colon exchange rate against the U.S. dollar continues its upward trend, given the strong appetite that the market shows for the acquisition of the foreign currency. The average exchange rate recorded a change of ¢4.56 more for every dollar in...

Dollar Exchange Hit ¢580 On Tuesday

Q COSTA RICA - The dollar exchange on Tuesday by some banks reached ¢580 colones for the sell. For example, at 7:00pm, the dollar exchange at the private banks, BCT, Davivienda, Improsa and Scotiabank was ¢580 to one US dollar. At the Mercado Valores de...

Banco Central Proposes Change in Method for Calculating Exchange Rate

Q COSTA RICA - Costa Rica's Central Bank (Banco Central de Costa Rica - BCCR) proposes modifying the methodology to more appropriately approximate the average reference exchange rate of all exchange transactions in the economy. The reference exchange rate (buying and selling the dollar) is...

Dollar Exchange in Costa Rica

QCOSTARICA - After more than two years of virtual immobility, the dollar started a rise (more than 5 colones since Monday) this week, which has been linked to changes in external variables, accompanied by a concentration of credit in the US currency. Accompanying this depreciation...

Costa Rica Should Move Towards De-dollarization of the Economy, Central Bank President

QCOSTARICA - The president of the Central Bank of Costa Rica (Banco Central de Costa Rica - BCCR), Olivier Castro considers it a priority goal to de-dollarize the economy. Castro this week at a press conference expressed concern about the dollarization of credit of those...

Costa Rica ¢20.000 Colones Among Most Beautifully Designed Currencies

QCOSTARICA - The ¢20.000 colones note has been included in the TIME list of the "Most Beautifully Designed Currencies From Around the World". From Costa Rica to Nepal, the Costa Rica note, is among the "most stunning bank notes in circulation, says time. The other notes...

Costa Rica To Spend $207 Million For New Prisons And Expanion Of La Reforma

QCOSTARICA - The Ministry of Justice* (Ministerio de Justicia) has announced that it will invest US$20 million to expand La Reforma prison and another US$187 million in seven new prisons The works to La Reforma prison consist of construction of an additional 24 modules, while...

Costa Rica’s Money

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Public Demanded More Dollars in Banks in First Week of Managed Float

COSTA RICA BUSINESS NEWS - In the first week of the managed float, Central Bank (Banco Central de Costa Rica - BCCR) authorities observed a varied behaviour in the exchange market: participants trading only with financial institutions, were demanding more dollars, while participants in...

Economists Predict Increases In Exchange Rate Will Trigger Inflation

Increases in the price of fuel, electricity, local production and imported goods caused by the changes in the exchange will cause inflation to skyrocket in the coming months, is the belief of financial experts who are keeping a close eye on the actions of...

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