QCOSTARICA — The dollar exchange dropped in the last 13 days ¢8 colones and is at the lowest level of the year, according to the records of the Banco Central de Costa Rica (BCCR) – Central Bank.
The abundance of dollars in the economy is justified by several factors, first foreign direct investment has been rising, as well as the foreign exchange generated by tourism and improved perception of exchange and fiscal risk and the possibility of positive change in the country’s risk rating.
“The movements in recent days that were presented in Monex do not deviate much from those that were presented weeks ago. The main reason for the decrease in the value of the dollar exchange rate can be associated with the increase in the abundance of negotiation, this could generate a greater supply of dollars in the market that revalued the exchange rate by more than ¢7 throughout this week,” highlighted Luis Alvarado, economic and stock market analyst at Acobo Puesto de Bolsa.
People can take advantage of the decrease and buy the currency at a lower cost to meet commitments and thereby reduce expenses.
“If you are interested in acquiring goods financed with foreign currency, you should evaluate the conditions offered by the entities to obtain the greatest benefit. In the case of making purchases of goods and services with credit cards, make sure you have the budget in colones to buy the future payment currency under current conditions so that the cost is not affected in the future,” highlighted Elizabeth Morales, assistant manager at Coopecaja.
The Central Bank reference exchange rate today stands at ¢527.19 for the buy and ¢534.39 for the sell of one U.S. dollar.
The rate on January 2 of this year was ¢594.17 for the buy and ¢601.99 for the sell.
On October 15, 2022, the buy rate was ¢612.79 and ¢621.03 for the sell.
A compiled list of advice from the experts:
- Take advantage of the exchange rate: If you are an importer and can buy dollars at a good price now, do it. You could benefit when the exchange rate rises.
- Save and invest in dollars: Both companies and families have the opportunity to save or invest in dollars now and earn from the exchange rate differential in the future.
- It’s a good time to travel: With the cheaper dollar, traveling abroad can be cheaper. Consider that getaway you’ve always wanted!
- Smart purchase of properties and vehicles: If you were thinking of buying a house or a car, it is possible that you will obtain dollars at a better price for your credit, depending on the current conditions.
- Check your loans: If you have a loan in dollars, analyze whether it is convenient to change it to colones, especially if your income is in this currency. Consider interest rates and the current value of the debt.
- Maintain discipline in your payments: If the exchange rate has dropped and your debt is lower in colones, continue paying the same amount, and keep the difference. This way, you will be prepared if the exchange rate rises in the future.