Sunday 13 June 2021

BCCR injected almost US$54 million in two weeks to avoid a further escalation of the dollar price

The Central Bank had only contributed $17.4 million in most of 2020. The dollar exchange stood at ¢604.27 this Monday

QCOSTARICA – The Central Bank of Costa Rica (BCCR) sold US$53.6 million in the wholesale market, in the last 14 days, to avoid a further escalation in the dollar exchange price.

Prior to these two weeks, the Central Bank had only provided liquidity for US$17.4 million in the Foreign Currency Market (Monex), according to the information published on the BCCR website.

In the session on Monday, October 12, the currency rose closed at ¢ 604.27 compared to the previous Friday, October 9.

- Advertisement -

With this result, the currency had a slight acceleration, after having little variation the previous week.

At the windows of financial entities, the sale of each dollar to their clients was between ¢608 and ¢611, very similar to the previous week, according to the information provided to the BCCR.

William Porras, an economist specializing in foreign exchange issues, highlighted that the exchange rate situation has been marked by seasonal situations and by the evolution of some economic indicators.

“Interest rates in colones are so low that there are private sector investors who began to change from colones to dollars to obtain better profitability,” Porras added as another element.

- Advertisement -

The analyst pointed out that October tends to be a low month in liquidity, to which was added the change in the fiscal year closing date, since this year it will be in December, while in previous years it was in September. The change, said Porras, caused fewer businesses to go to Monex in 2020, thus suffering the shortage of foreign exchange.

 

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Q Costa Rica
Reports by QCR staff

Related Articles

Are the days of the US dollar below ¢600 no more?

QCOSTARICA - The last time we saw the dollar exchange below...

Central Bank intervenes to remove upward pressure on dollar exchange rate

QCOSTARICA - The Banco Central (Central Bank) increased its presence in...

MOST READ

Vaccine Tourism – A Practical Guide

By Amy Gdala, Guest Contributor - The US has a surplus of vaccines, while Costa Rica is struggling to supply sufficient numbers to citizens...

Carlos Alvarado describes calls reprehensible the persecution of Ortega against opponents in Nicaragua

QCOSTARICA - The President of Costa Rica, Carlos Alvarado, described the persecution of Nicaragua President Daniel Ortega against opponents as reprehensible after the government...

Daniel Ortega undertook a hunt for presidential candidates and opponents

TODAY NICARAGUA – In an unprecedented persecution, the Daniel Ortega regime detained four presidential candidates in one week, a move that is part of...

Tourism sector feels in crisis despite increase in international arrivals

QCOSTARICA - Despite the improvement in tourist arrivals reported in May, with more than 72,000 visitors, both the Cámara Nacional de Turismo (Canatur) and...

On Monday the vehicle restriction will change, again

QCOSTARICA - In times of pandemic, things change constantly, especially when it is necessary to tighten the belt to reduce the contagion of covid-19. The...

Are you fully vaccinated? You can now enter Spain

Q TRAVEL - Travelers from the European Union or third countries, including Costa Rica, who have fully been vaccinated, will now be able to...

Estadio Nacional

QCOSTARICA - The multipurpose national stadium, the first modern sport and event arena to be built in Central America, located La Sabana. The stadium was...

Planning to travel? You will only be certified as vaccinated if you received doses in Costa Rica

QCOSTARICA - Do you need a certificate of the COVID-19 vaccines applied in Costa Rica?  People who require a certificate that certifies the receipt...

Will President Alvarado be vaccinated against Covid-19 soon?

QCOSTARICA - Costa Rican President Carlos Alvarado is just another citizen when it comes to covid-19 vaccination, given his young age and good health,...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.