Thursday, 3 December 2020

Central Bank continues efforts to stop the rise in the dollar exchange

QCOSTARICA – The Banco Central de Costa Rica (BCCR) – Central Bank – continues its policy of intervention, in an effort to stop the rise in the dollar exchange.

On Wednesday, October 28, the Central Bank injected US$13 million dollars in the Foreign Currency Market (Monex), after the previous day making the biggest intervention of US$42 million dollars.

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The Central Bank has intervened with US$61 million this week.

But, despite the efforts the price of the dollar continues skyrocketing, this morning the Central Bank posting the exchange rate at ¢605.45 for the buy and ¢611.93 for the sell.  At the Monex on Wednesday the sell had risen ¢608 and buy ¢616; while most banks, both private and state, have posted their sell at ¢603 and buy ¢616.

The exchange rate is under upward pressure due to the uncertainty of the country’s situation both in the future of negotiations with the International Monetary Fund (IMF) and the dialogue table, as well as the lack of foreign exchange income due to the decrease in tourists and Foreign Direct Investment (FDI).

And even, in some crazy case of facing problems, the Central American Bank for Economic Integration (CABEI) recently offered access to US$200 million as part of a program they offer for the region to provide resources to international monetary reserves, still without a response from our country.

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