Tuesday 7 February 2023

Central Bank intervened with $45 million in MONEX to contain the rise in the exchange rate

In a single day it intervened more than in all of 2021; the strongest since 2018

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Dollar Exchange

¢574.12 Buy

¢581.69 Sell

7 February 2023 - At The Banks - BCCR

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QCOSTARICA – The Banco Central de Costa Rica (BCCR) – Central Bank of Costa Rica – intervened for the fourth consecutive day in the Foreign Currency Market (MONEX) to contain the rise in the dollar exchange rate and prevent it from exceeding ¢700 at commercial banks.

This Thursday’s intervention was US$45 million, adding up to US$70 million for the week’s stabilizing operations.

In a single day, the Central Bank intervened more than in all of 2021, when the stabilizing operations accumulated to US$35 million.

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Days ago, President Rodrigo Chaves, blamed the government of Carlos Alvarado for the alleged spending of US$2.3 billion in international reserves to intervene, however, the Central Bank clarified that it had the necessary reserves.

Financial analysts said that the interventions contain the exchange rate, but will not generate a decrease in the current pressure and explained that the interventions reflect uncertainty in the markets.

According to economist and director of FCS Capital, José Luis Arce, the current situation is the result of the fear of economic agents as a result of “unfortunate comments” about the situation of the exchange rate and the BCCR’s reserves and is not the result of an extra situation of the external shock that the country faces from some months ago.

“What is happening in the foreign exchange market are the real consequences of the unfortunate comments of some analysts thoughtlessly replicated by the President of the Republic (Rodrigo Chaves). These comments have created uncertainty that has been reflected in the exchange windows that have become in deficit, since the Monday following the declarations (of the president),” Arce argued in reference to the press conference, on May 22, in the which Chaves accused the government of Carlos Alvarado of leaving the country with few international reserves in the Central Bank.

The sale of the dollar in commercial banks ranges between ¢697 and ¢700.

The Central Bank’s reference for this Friday, June 3, is ¢689.61 for the buy and ¢694.99 for the sell.

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Following is a screen capture of exchange rates at the commercial banks (state and private), as reported to the Central Bank.

Screen capture from BCCR of exchange rates at commercial banks for this morning, June 3
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