QCOSTARICA – The dollar exchange reached, on May 11, ¢680 for the selll at the two state banks, the Banco de Costa Rica (BCR) and Banco Nacional (BNCR); in addition to other financial entities, such as private banks and cooperatives.
This exchange rate is the maximum value at which the entity has the commitment to sell foreign currency to the public.
The reference price, set by the Banco Central (Central Bank), which reflects the average price that resulted from the transactions of the day, and which is used as a reference for the following day, reached a value of ¢669.41 for the buy and 675.05 for sell for today, May 12.
The price of the dollar has maintained an upward trend since mid-2021, which coincides with the increase in international prices, first due to the economic rebound caused by the pandemic and then due to the Russia – Ukraine war.
The increase in prices of foreign products means that Costa Rica has to spend more foreign currency to buy the same amount.
The former president of the Central Bank, Rodrigo Cubero, had stated, on May 3, that it is to be expected that the level of international prices will remain high, although inflation, which is the rate of change of price levels, would be converging down. However, high prices would continue to put pressure on Costa Rica’s exchange rate.
“Certainly a high level (of prices) would be maintained and that high level would imply that Costa Rica is going to have to continue withdrawing an important part of its foreign exchange earnings to be able to pay the oil bill and the import bill for many raw materials,” Cubero explained.
