Monday, 26 October 2020

Central Bank intervenes with US$41 million to soften the rise in dollar exchange

The dollar exchange rose ¢3.12 on Thursday and accumulated an increase of ¢5.34, in the two days after the Central Bank announcement to buy treasury bills

The government is scraping the barrel to finance public spending, while the market reacts to a quick and sharp rise in the colon – dollar exchange rate.

The upward pressure on the price of the dollar continued on Thursday in the wholesale currencies market, the rise stopped or softened by an intervention of an additional US$41 million dollars by the Banco Central (Central Bank)

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The sell rate of the currency started the session with at ¢581.50 for one US dollar, but from there the pressure was on reaching ¢585.69 by the end of the day.

The dollar exchange rate began to rise on Wednesday, September 26, after the announcement, on Tuesday, September 25, that the Central Bank agreed to finance the Ministry of Finance for an amount of ¢498 billion colones

In two days, the average price of the currency has risen ¢5.34.

Economist Alberto Franco explained that although it is limited and temporary, the use of Central Bank credit by the Treasury has flats that can have an impact on the trust and expectations of market participants.

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The intervention of US$41 million made on Thursday by the Central Bank, with the sale of dollars, adds to Wednesday’s US$31.1 million.

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