Tuesday 7 February 2023

Blowing in the wind. The Central Bank keeps on pushing for a lower exchange rate

In the past 11 days it has thrown in US$128 million dollars of its reserves in stabilization operations

Paying the bills

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Dollar Exchange

¢574.12 Buy

¢581.69 Sell

7 February 2023 - At The Banks - BCCR

Paying the bills

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QCOSTARICA – The Banco Central de Costa Rica (BCCR) – Central Bank of Costa Rica, again intervened in the Foreign Currency Market (MONEX) to stabilize the exchange rate, which recently had an upward trend.

On this occasion, the intervention was for US$11 million, adding up to more than US$128 million in stabilization operations since last May 30, the date on which the dollar reached ¢700 at commercial banks.

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The reference rate for the dollar exchange this Friday morning is ¢685.29 for the buy and ¢691.19 for the sell, while at the commercial banks the exchange rate is between ¢679 and ¢681 for the buy and ¢694 and ¢694 and ¢697 for the sell.

Economist Gerardo Corrales, on Monumental Radio, referred to the use of international reserves, as decreasing to US$683 million between April and June.

For economist, Vidal Villalobos, there are fresh resources pending approval in the Legislative Assembly, which would be injected directly into the international reserves of the Central Bank.

In addition, the Central Bank is processing a loan with the Latin American Reserve Fund for US$1 billion, as one of the monetary policy measures to respond to the rise in the dollar exchange rate.

 

 

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