Saturday 30 September 2023

Dollar expected to be on the rise again next week

The Central Bank is gonna be dropping their reference rate on the 14th of June, according to what economists and financial analysts are saying.

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Dollar Exchange

¢534.47 BUY

¢542.35 SELL

30 September 2023 - At The Banks - Source: BCCR

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Q COSTA RICA – It looks like it’s good news for the productive sector, but not so good for debtors – as the dollar is expected to be on the rise again next week.

The advice of experts is that it’s best to buy dollars do it this week since prices are likely to go up from next week, this due to the Banco Central (Central Bank) change in the monetary policy rate on June 14, which is expected to cause the price of the dollar to go up.

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The upside is that it would be good for the economy since exporters, industrialists and tourism would get more colones for each dollar.

The reference rate is currently at 7.5%, but analysts expect it to drop to 5%.

Last week the dollar exchange hovered around ¢545.

The Central Bank has different instruments to intervene in the price of the dollar exchange, but Róger Madrigal has said that they would let it fluctuate and move according to supply and demand.

Currently, there are a number of factors that are contributing to the fact that the price of the dollar has dropped so much, for example, the recovery in the income of foreign exchange from tourism, the greater reception of direct investment flows to the country and the improvement in some factors that favor the inflow of capital.

Also, there is a reduction in demand, due to a drop in international prices of raw materials, transportation costs, and a lower demand for foreign currency by pension operators.

Expectations

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The possibility that the price of the dollar rises is extremely high, after being stable in recent weeks.

Daniel Suchar, an independent financial analyst, told La Republica “It is very probable that the Central Bank will adjust the monetary policy rate downwards and this is good news because it would bring better access to credit for new investments or company expansions and would also allow for more growth and strengthen competitiveness”.

Elizabeth Morales, assistant manager at Coopecaja, explained that  “It is a good time to make a reserve in dollars, because when the exchange rate rises you will earn that difference, plus it is good to have a little money for an emergency”.

 

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