Q COSTARICA — After several weeks of record lows in the Mercado de Monedas Extranjeras (Monex) — Foreign Exchange Market, the dollar exchange rate has recovered some of its value.
Between last Friday and Tuesday, June 2, the dollar increased by 3.51 colones, once again surpassin the 460-colón mark and is now selling for 461.06 colones.
The expectation is that it will continue to rise.
That is the forecast by economic analyst Daniel Suchar, adding that the war between the United States and Iran is beginning to be felt in Costa Rica.
“The effects of the trade war between the United States and Iran are beginning to be felt in the Costa Rican economy, albeit slowly. Prices are reflected in the international market and then influence the country.
“The transfer is slow in the country due to the large amount of dollars we have in international reserves. The expectation is that it will continue to rise,” Suchar said.
Experts are cautious, saying the Costa Rican colon’s recent rise against the dollar isn’t a long-term trend. Instead, it’s just a small bounce back after hitting a 21-year low earlier this year.
As of today, June 4, the Central Bank of Costa Rica (BCCR) set the exchange rate at ¢459.14 to buy and ¢463.66 to sell.
The slight increase of about ¢4.50 in late May and early June is just a short-term blip caused by local money flow changes—not a sign that the dollar-colon rate is turning around for good, but rather a temporary fluctuation driven by localized liquidity changes rather than a permanent trend reversal.