Friday 31 March 2023

Central Bank intervenes propping up the dollar exchange

Paying the bills


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Dollar Exchange

¢540.39 Buy

¢545.95 Sell

31 March 2023 - At The Banks - BCCR

Paying the bills


QCOSTARICA – The dollar exchange rose slightly, one colon, on Tuesday following an intervention by the Banco Central de Costa Rica (BCCR) – Central Bank, in the Mercado de Monedas Extranjeras (Monex) – Foreign Currency Market.

The Central Bank intervened with US$25.5 million dollars, of which US$11.5 million was sold to the non-banking public sector, and increased reserves by US$14 million.

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“One swallow does not make a summer, but given the great uncertainty of days gone by, it is a glimmer of hope. Let’s wait and see if the appreciation (of the colon) trend is broken,” said Gerardo Corrales, Economía Hoy economist.

This Wednesday, the Central Bank reference rate for the dollar exchange is ¢550.81 for the buy and ¢558.29 for the sell.

Read more: Tourism, exporters and service companies will hire fewer staff with the dollar falling

“This is a normal operation in the wholesale market where the Central Bank goes out to buy dollars and in this case, the non-banking public system grabbing US$11.5 million and the other $14 million must be reflected in the reserves. If this behavior continues, we could be in the presence of the turning point that the country so badly needs,” said financial analyst, Daniel Suchar.


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