Wednesday 23 June 2021

Costa Rica Colon / US Dollar Exchange Rate Expectations

It is expected that under current economic conditions, the local currency will depreciate on average 3.6% against the US dollar in 2018.

The monthly survey on expectations of exchange rate variations up to December 2017 made by the Banco Central de Costa Rica (BCCR) – Central Bank, foresees that during the next 12 months the Colon will depreciate by 3.6%, which would mean an increase of ¢20.52 according to the average price on the Monex Wholesale Market of ¢570.20 at the close of last year.

The estimate of the increase of ¢20.52 corresponds to calculations based on data available on the BCCR website.

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Consultant Andrés Volio explained to La Nacion that ” … the fiscal situation is critical and investor confidence will eventually reach its limit. If the next government does not correct the course that the current one has taken, it will run out of financing options internally and abroad and a crisis will unfold. It goes without saying what would happen in that case to the exchange rate and interest rates.”

Economist Roxana Morales said that ” … maintaining current conditions, it is possible that the exchange rate will increase slightly in the following months and reach a depreciation at the end of the year of close to 3.5%.”

 

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