Saturday 12 June 2021

Costa Rica’s Central Bank Says It Has Enough Reserves To Defend Intervention of Exchange Rate

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The dollar exchange held steady today following yesterday’s increase to almost ¢550 colones, due to an intervention by the Banco Central de Costa Rica (BCCR) – Central Bank.

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The manager of the Central Bank, Feliz Delgado, said today that the Central Bank has enough reserved to intervene in the market and prevent speculation.

On Monday, for example, the Central Bank sold more than US$31 million dollars to avoid a further increase and speculation in the dollar exchange rate.

Delgado explained that Monday’s movement was unusual and that the Central Bank has at least US$7 billion dollars in reserve to defend its policy of intervention.

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The bank manager calls on all Costa Ricans to be prudent, but acknowledged that instability in the exchange rate creates uncertainty.

Delgado said there are elements outside the control of the Central Bank, especially with respect to short-term political circumstances, that influence the exchange rate.

Buying foreign currency on the assumption that the following day it can be sold higher is a very risky business, explains the bank official, since the exchange rate could stabilize or could even reverse.

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