Monday, 26 October 2020

Dollar exchange rate on the rise

The uncertainty generated by the deteriorating fiscal situation and the economic slowdown explain the increase shown by the exchange rate of the US Dollar compared to the Colón, which recorded twelve days of consecutive increases.

Rodrigo Cubero, president of the Banco Central

According to the Central Bank (Banco Central – BCCR) authorities, the depreciation of the local currency in relation to the US dollar is partially explained by the doubts generated by the deterioration of public finances and the absence, to date, of a legislative agreement to resolve at least a part of the problem, in a context of rising international interest rates.

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Rodrigo Cubero, president of BCCR, said at the end of August in his first statements as head of the Central Bank, he would allow a greater fluctuation in the price of the dollar under his management. He also said that he supported the inflation targeting scheme followed so far.

The BCCR admitted that, if necessary, it will continue to participate in the market in order to avoid abrupt movements in the price of the dollar.

In the reference value announced by the Central Bank, the sale price has an increase of ¢12.33 with respect to the previous month.

The sell rate on August 7 was ¢570.78, today, Sept. 4 it was ¢583.1.

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At the state and private banks, the sell rate was as high as ¢588.

For tomorrow, (September 5) the sell rate set by the BCCR is ¢585.15.

 

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