QCOSTARICA – After more than two years of virtual immobility, the dollar started a rise (more than 5 colones since Monday) this week, which has been linked to changes in external variables, accompanied by a concentration of credit in the US currency.
Accompanying this depreciation of the local currency is an increase in the benchmark rate for dollars, a new indicator that the Central Bank (Banco Central de Costa Rica) started publishing a few weeks ago.
An editorial in La Nacion,”…The new benchmark rate in foreign currency calculated weekly by the Central Bank has gone up. There has also been a slight rise in quotes of the Colón against the dollar in the foreign exchange market. Could there be a relationship between the two movements? ”
It is reported that the reason for the rate hike is “… in the opinion of those bankers who were surveyed … the rise is due to a shortage , or perhaps less abundance, of dollars circulating in our environment.Closely linked to the lower liquidity is the high concentration of credit granted in that currency. ”
The Central Bank sets the reference rates (in Colones and Dollars) every Thursday.
See full editorial in La Nacion (In Spanish)