Q COSTARICA—The dollar exchange rate fell again on Wednesday on the Foreign Exchange Market (Monex), closing at a new record low of ¢494.8 colones, the lowest in nearly two decades.
On Tuesday, the US dollar closed at ¢495.9 colones, so the decrease is slightly more than 1 colon.
This is the third time this week that the currency has fallen below 500 colones and the fifth consecutive time since November 20. In two weeks, it has only been above ¢500 once.
The market is facing several factors that are increasing the availability of the US dollar.
Among the likely causes are treasury movements by multinational companies and conversions to meet obligations such as the Aguinaldo (Christmas bonus) payments, as well as the start of the peak tourist season.
“The downward adjustment reflects a market with more sellers than buyers. In an environment where private demand remains subdued, large corporate transactions can generate price movements,” added Pablo González, manager of the Banco Central de Costa Rica (BCCR).