Friday 12 August 2022

Dollar dropped ¢10 in the last fifteen days

The drop is due to seasonal reasons.

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Dollar Exchange

¢668.17 Buy

¢675.95 Sell

12 August 2022 - At The Banks - BCCR

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QCOSTARICA – The price of the dollar decreased ¢10 in the last 15 days, going from ¢694 on July 1 to ¢684 this Friday.

The drop is mainly due to seasonal reasons, as many people and companies are changing their dollars into colones to pay their back taxes.

The truth is that although this provides a respite, the upward trend will continue, due to a decrease in the terms of trade (the prices of the goods and services that we import are increasing faster than those that we export) and this generates pressure on the exchange,” assured Roxana Morales, economist and Vice President of Administration at the Universidad Nacional de Costa Rica (UNA).

Economist Roxana Morales
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These movements are normal within a managed float exchange scheme that the country has and the Central Bank determines when is the right time to intervene.

The dollar has risen since January 2022.

Read more: Specialists predict that the exchange rate will continue close to ¢700

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