Thursday 20 January 2022

Do you need to buy dollars? Exchange rate has fallen since November 5

The end of November is likely to be a good time to buy dollars, specifically if you take into account the value of the currency last October.

Paying the bills


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Paying the bills


The end of November could be a likely good time to buy dollars, specifically if you take into account the value of the currency since the beginning of the month.

The price of the U.S. dollar in the Foreign Currency Market (Monex) registered a decline since last November 5.

For this November 21, the decrease was ¢12.35 with respect to the November 5 and a weighted average of ¢573.17; down ¢3.74 from Monday (Nov 18) alone, when the weighted average was ¢576.91.

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For the reference exchange, the sell at the banks dropped this morning ¢573.72, ¢11.37 down from the sell of ¢585.09 on November 1.

The final part of November and the first days of December have been characterized in other years by a downward trend in the value of the US dollar. The Banco Central (Central Bank of Costa Rica)  – BCCR –  attributes this behavior to the excess currency that predominates in the market for that period, which is generated by companies that change dollars to meet obligations such as payment of taxes or aguinaldos (bonuses).

However, last year that behavior did not occur, and on the contrary, the price in the Monex exceed ¢600. At that time, the BCCR attributed the increase to a deficit in the net balance of negotiations in dollars, that is, the demand for currencies exceeded the inventory available at that time.

This behavior also occurred a few months after Rodrigo Cubero assumed as president of the Banco Central in August 2018, and who said from the beginning of his administration that it would allow greater volatility in the exchange rate.

This year the value of the dollar has rather had downward pressures. Even the Central has undertaken to make more purchases of dollars on behalf of the Non-Banking Public Sector (SPNB) and has increased its level of reserves. This is considered a form of intervention in the exchange market.

“This year highlights the largest private sector surplus compared to 2018, US$1.512 billion to be purchased with US$992.8 million in the same period of the previous year (…),” the Central reported in its commentary on the national economy on November 6.

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Despite the downward trend in the value of the dollar this year.

On November 19, the Government received US$1.5 billion in its accounts as a result of the placement of bonds. These resources took the reserves to a level higher than US$9 billion.

The exchange rate at the banks this morning (Friday, November 22) hovers at ¢563 and ¢565 for the sell; and ¢577 and ¢580. Rates at finance companies and exchange houses will vary.

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Paying the bills
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

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