QCOSTARICA – If you usually use dollars to pay for services or receive your salary in that currency, pay close attention, the reference exchange rate reflected a drop of ¢9 in the last few days.
Recently the dollar exchange has been unstable, with significant rises and falls every week.
On Monday, September 26, the dollar exchange reference rate was at ¢640.68 for the sell and ended the week, on Saturday, October 1, at ¢631.32, which is ¢9.36 below the start of the week, according to the Banco Central de Costa Rica (BCCR) – Central Bank of Costa Rica.
The dollar exchanges reached its highest value this year, on June 21, with a reference rate ¢696.76 for the sell, and trading over ¢700 at banks and other financial institutions.
The increase caused the BCCR to take a series of measures in the foreign exchange market. For example, reduce the time of Monex (the wholesale market where amounts starting at $1,000 are traded) sessions to one hour a day, from 12 noon to 1 pm. Previously, it was from 10 am to 1 pm
In addition, for the Central Bank to recover its future reserves and be in a more comfortable position to intervene in the market, the institution requested a loan of US$1.1 billion from the Latin American Reserve Fund (FLAR), last June, resources that were received on August 19.
This trend is expected to continue this week.
Click here for the latest exchange rate at financial institutions.
Click here for the Central Bank exchange rate history.