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Adiós gringo? Venezuela & Russia negotiating swap of US dollar for ruble in bilateral trade

Venezuela is in talks with Russia over the possibility of using the Russian ruble in mutual trade settlements and abandoning U.S. dollar transactions, according to Venezuela’s representative to the UN office in Geneva, Jorge Valero. © AFP / Alexander Nemenov The ambassador added that the countries...

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...

Argentina’s Peso hit a record low to the dollar weakening

Argentina’s struggling currency hit a record low against the dollar on Thursday, weakening over 4% to close at 42.5 pesos per dollar, a challenge for President Mauricio Macri as he looks to right the economy ahead of elections in October. The peso, which had strengthened...

Venezuela Ditches the Greenback, Switches to Euros and Yuan: Consequences?

Venezuela will switch to international payments in euros or yuan, while the US dollar will cease to be the base currency amid the financial blockade imposed on the country by the administration of US President Donald Trump. The decision announced by Economy Vice President Tareck...

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...

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...

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...

Colombia peso boosted by weak dollar and rising oil prices

The US dollar has lost more than 5% of its value against Colombia’s peso over the past month, partly because of an increase in price of Colombia’s primary export product, oil. The peso has not just increased in value against the dollar. The Colombian currency...

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,...

Shunning US Dollar, Venezuela Lists Oil Prices in Chinese Yuan

A gas station worker pumps gas into a car at a gas station of the state oil company PDVSA in Caracas, Venezuela August 29, 2017. REUTERS/Carlos Garcia Rawlins Venezuela on Friday began listing the price of its oil in the Chinese yuan, following President Nicolas...

Rise in the Price of the US Dollar in Costa Rica

A rebound in demand for US dollars explains the increase of just over 5.36 colones registered in the price of the foreign currency with respect to the colon from the end of May to date. The price of the dollar in the wholesale Monex market...

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...

Venezuelan Bolivar Hits All Time Low with the Dollar, Tanks Minimum Wage

The Venezuelan bolivar is at an all time low with the dollar, amidst political turmoil (Twitter). The parallel dollar in Venezuela broke a new record by climbing 32% in a few hours, a figure that brings the bolivar fuerte to a historical low with the...

Colombia’s peso at 7-month high as global oil prices tumble

The Colombian Peso is trading above the 3,000 benchmark The Colombian peso lost 7 months of gains against the U.S. dollar, Tuesday, trading above the 3,000 peso benchmark as increased supply by several key oil producing nations hammered crude futures. Currencies of leading oil exporting nations...

Central Bank Says It Will Spend US$1 Billion To Shore Up The Colon

You Want Dollars? Have a billion! At a press conference and in the face of continued exchange rate hikes, as Banco Central de Costa Rica (Central Bank) Director of the Economic Division of the Central Bank, Róger Madrigal, said in a clear message that...

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...

Costa Rica Leads Charge of UK’s Fastest Growing Currencies

(QTRAVEL) The number of British holidaymakers travelling to the green and lush Costa Rica has soared, according to new research into the UK’s fastest growing currencies. The value of Costa Rican colon bought by the British public this summer was up 84 per cent on...

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...

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