Monday 29 May 2023

Dollar In A Tailspin! Drops To May 2018 Exchange

Paying the bills


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Dollar Exchange

¢541.41 BUY

¢546.88 SELL

27 May 2023 - At The Banks - Source: BCCR

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The dollar exchange continues to drop, the official exchange rate this morning by the Central Bank set at ¢561.75 for the buy and ¢568.45 for the sell.

The rate is the lowest since May 2018, according to data from the Central Bank.

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“The downward adjustment that the exchange rate has had is due to several factors: 1. The improvement in investor confidence after the approval of the Ley de Fortalecimiento de las Finanzas Públicas (Tax Reform), 2. The decrease in international interest rates, and  3. The expectation that the money coming from the Eurobonds will press the exchange rate further down,” said Hernán Varela, Portfolio Management Manager at Banco Lafise.

Since the beginning of 2017, the exchange rate has presented a variable trend, but it was at the end of last year when it reached a maximum of ¢628 due to the uncertainty generated by the plan fiscal; In 2019, the trend has been the opposite, as shown in the graph, this year the US currency has been falling almost every day.

Financial experts agree that, for now, there is no glimpse of any situation that could cause the dollar to rise sharply before the end of the year.

Click here for the latest exchange rate set by the Central Bank; Here for the rate at the banks (en ventanilla); Here for the Monex wholesale market.

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