Thursday, 3 December 2020

Central Bank makes biggest intervention of the year on the dollar exchange

The Central Bank invested a total of US$41.9 million to try to curb pressure on the dollar exchange

QCOSTARICA – The Banco Central – Central Bank – made today, Tuesday, the single largest intervention in the Foreign Currency Market (Monex) so far this year, to try to alleviate the pressures that exist on the dollar exchange rate.

According to the information, the Central Bank invested a total of US$41.9 million, which makes it the single largest transaction carried out throughout the year.

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The second of importance had been made on October 23 when it intervened with US$12.9 million.

The pressures on the dollar exchange rate have been increasing in recent weeks due to the reduction in the income of dollars as a result of the crisis in tourism and the drop in foreign direct investment, but above all due to the uncertainty of how Costa Rica will overcome the fiscal crisis.

For this Tuesday, the dollar exchange rate opened at ¢603, the buy, and ¢609 the sell. At 3:00 pm, the dollar exchange at State and private banks ranged from ¢600 and ¢603 for the buy and ¢614 to ¢616 for the sell. See here the latest exchange rates at financial institutions as reported to the Central Bank

Economists believe that the pressures for the currency to increase its value will continue to exist in the market until clearer signals are given by the government.

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