QCOSTARICA – The U.S. dollar with respect to the colon rose ¢40 in the last quarter, going from ¢645 to ¢685, undoubtedly affecting people who have loans or receive services in colones.
On Saturday, the reference rate at the Banco Central was set at ¢675.89 for the buy and ¢685.03 for the sell.
At the commercial banks, both State and private, the sell rate ranged between ¢687and ¢690
There are many reasons that are influencing the rise in the exchange rate, a rise that could hit ¢700 colones in the coming days. But the main reason is that more is being paid for the price of gasoline, which is reaching record figures in international markets.
“The country incurs greater spending for the purchase of raw materials and that means that it is reporting a growing trend in the exchange rate,” said César Restrepo, General Director of the Bolsa Nacional de Valores (National Stock Exchange).
This week, the Central Bank took pressure off the market by selling close to US$71 million to the public sector.
People who keep their loans in dollars and do not receive their salary in dollars should be cautious, assured Kimberly Quesada, head of the Coopenae Financial Advice program.
“Many times the increases in the exchange rate and interest rates are circumstantial and do not last too long. Sometimes refinancing a debt with currency exchange does not provide greater financial relief and rather, it will incur commission expenses and other costs,” explained Quesada.
The main recommendation is not to borrow in dollars if your income is in colones.