Tuesday 31 January 2023

Dollar reaches the lowest amount since May 2020

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Dollar Exchange

¢549.76 Buy

¢557.40 Sell

31 January 2023 - At The Banks - BCCR

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QCOSTARICA – The dollar exchange reached the lowest since May 2020 on Tuesday, trading at bank windows at ¢574 colones for one US dollar.

Tourists exchanging currency at the Juan Santamaría Airport (SJO), Costa Rica’s main international airport

This generates good news for importers and foreign currency debtors and represents a problem for other sectors.

“The fall becomes a problem for sectors that depend on an international exchange such as tourism, exports, and foreign direct investment and to return to a balance, it must reach ¢600 per dollar again,” financial analyst Daniel Suchar told La Republica.

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The Banco Central (Central Bank) has several options, tools to avoid having to manipulate the exchange market, such as paying the loan from the Latin American Reserve Fund, expanding hours in the Foreign Currency Market (Monex).

The fall in the dollar also benefits the disposable income of families who will not only see their loan in dollars reduced, but also 80% of the imported products that are purchased daily will decrease, although we have yet to see the latter in great scale.

 

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