QCOSTARICA – The “yo-yo” dollar exchange took a nosedive in the last several days, falling ¢10 colones at commercial banks following last week’s massive intervention by the Banco Central (Central Bank).
This Tuesday, the reference exchange rate was set by the Central Bank at ¢683.01 for the buy and ¢688.00 for the sell.
At the commercial banks, the sell ranges from ¢688 to ¢693.
Last week, the sell reached ¢700 at one private bank, while most others, including the state banks, it was between ¢698 and ¢699.
Despite the intervention of millions of dollars by the Central Bank in the Foreign Currency Market (MONEX) to stabilize the exchange rate, economist, Gerardo Corrales, expects that there will continue to be an increase in the demand for dollars.