Friday 5 March 2021

Dollar exchange reinforces cyclical behavior with a low in mid-March

Experts say, historically, the month of March shows a downward trend in the dollar exchange.

As it occurred three months ago, the dollar exchange fell this week, dropping ¢11.82 colones in the last several days.

On December 15 last, the buy dropped to ¢593.21 and the sell to ¢598.69 after reaching a high of ¢605 / ¢610.79 weeks earlier.

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In the weeks to January 15, the exchange rate had recovered to ¢599.81 / ¢606.63, hitting a high of ¢608.51 / ¢616.45 on February 6, then dropping back down to ¢607.17 / ¢612.42 by February 15.

From there, there has been a constant moving up and down a colon here and there until last week, when it started a slide downward, dropping the buy back down to under ¢600 on March 14, when the Banco Central posted a reference rate of ¢599.23 / ¢604.75.

This morning, March 16, the BCCR reference rate is ¢594.28 for the buy and ¢600.62 for the sell.

Will move back up again? Or it will drop even further?

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Experts explain, historically, the month of March shows a downward trend in the dollar exchange rate because there is an oversupply of dollars in the market due to one of the important factors, the quarterly payment of corporate income tax.

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FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Q Costa Rica
Reports by QCR staff

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