QCOSTARICA – The entry into the country of US$1.5 billion from the placement of Eurobonds and the high tourist season typical of Semana Santa (Holy Week) caused a greater demand for dollars in the market and which caused the price to drop ¢14 in a month.
“It is possible that the arrival of a large amount of dollars to the state coffers will cause this to be transferred to the rest of the financial market and could bring down the exchange rate further,” said Juan Pablo Arias, an analyst at the Bolsa Nacional de Valores (National Stock Exchange), told La Republica.
This would further worry the private sector that has been clamoring for the dollar exchange to rise and thus protect investment and jobs that depend on earnings in dollars.
Read more: In Costa Rica: dollar collapses and prices remain high?
“It can be anticipated that there will be a greater amount of dollars in the economy during April, so the downward trend that existed for March will be maintained; However, the price of the dollar will depend on how the market behaves and also on what continues to happen with interest rates at the international level,” said Greivin Salazar, an economist at the Universidad Nacional (UNA).
This Wednesday, April 5, 2023, the exchange reference rate set by the Banco Central (Central Bank) is ¢¢536.10 for the buy and ¢543.31 for the sell.
On March 7, the Central Bank reference rate was ¢550.68 for the buy and ¢557.21 for the sell.
