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Costa Rica is in danger of recession if the dollar remains cheap

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Dollar Exchange

¢537.94 Buy

¢545.40 Sell

01 April 2023 - At The Banks - BCCR

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QCOSTARICA – Industrialists, agricultural producers and exporters showed enormous concern, after the precipitous fall in the price of the dollar during January.

Enrique Egloff, Executive President of the Costa Rican Chamber of Industries. Image La Republica

“The appreciation of the colon in percentages as significant as those that have occurred in the last eight months affect exports, tourism and the competitiveness of the national productive sector, especially those that compete in the local market with imported products, particularly Mipyme,” indicated Enrique Egloff, executive president of the Chamber of Industries of Costa Rica.

The uncertainty generated by the volatility of the exchange rate affects investment plans, which also affects the country’s future growth.

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Read more; Dexchange rate to have “some stability” in the coming months

“The Banco Central (Central Bank) has not used these measures and moral suasion to stop the excessive appreciation of the colon, as it did when the exchange rate was devalued and was close to ¢700 per dollar,” said Egloff.

Currently, the dollar is trading at the commercial banks at about ¢548 and ¢552 for buy and ¢566 and ¢570 for sell, this Tuesday, February 21. Click here for the latest exchange rates at banks at finance companies as updates by the Central Bank.

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