Thursday 20 January 2022

Economists: “Dollar Exchange Rate Should Close The Year at 565 Colones”

Paying the bills

Latest

Many risked their lives ‘for a video” in the downtown San José shooting

QCOSTARICA - Wednesday morning was a quiet morning in...

Handwriting is good for the brain

Last week, the Finnish government made a bold decision....

Eliminated two archaic prohibitions of the Labor Code for women

QCOSTARICA - Costa Rica's legislators approved in the first...

Protesters planned a coup, reveals Eduardo Cruickshank

QCOSTARICA - Different groups of protesters during the blockades...

‘Luck prevented a major tragedy’ in shootout with police in downtown San Jose

QCOSTARICA - A man who threatened to kill his...

Consumers must enter PIN starting in February

QCOSTARICA - Starting February 1, a new guideline by...

Will disruption ever come to an end? These are the predictions 2022

QCOSTARICA (Revista Summa) Despite everything that happened in 2020,...
Paying the bills

Share

(QCOSTARICA) The variation in the (U.S.) dollar exchange rate is one of the instruments that Costa Ricans, especially entrepreneurs use to make their projections. Foreigners living in Costa Rica keep a close eye on the dollar exchange rate also.

cash-dollarsEconomists at Acobo Financial Group are forecasting that the Dollar exchange rate will remain close to 565 Colones by the end of the year.

The buy and sell today, as per the Central Bank (BCCR), is ¢546 and ¢558, respectively.

- Advertisement -

Luis Diego Herrera, analyst at Acobo, said that the highest levels of the exchange rate could affect the delay in the financial system, given the relative importance of dollar loans not generating income in the currency.  In addition to this, is the estimate by the Central Bank of a lower inflow of foreign financing to the country and the consequent loss of Net International Reserves (NIR) makes it likely that the exchange rate will see upward pressure for the remainder of 2016.

Eduardo Lizano, economist and former president of the BCCR, said the current president of the BCCR, Olivier Castro, should let the exchange rate fluctuate according to the market so that people can weigh the risks and know to borrow in the same currency of their income to avoid being prejudiced against sudden movements.

The policy of the Central Bank is to maintain a review of the Programa Macroeconómico (macroeconomic program) – a managed float – “to avoid violent variations, that means it will continue to intervene in the foreign exchange market by selling dollars to prevent further increases.”

The Central Bank president said “they will intervene at the moment they see fit (…)”, assuring that “rules of engagement” will not be announced to prevent the ‘monopoly power’ by some operators that could influence the price of the dollar.

Source Crhoy.com

- Advertisement -
Paying the bills
Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Consumers must enter PIN starting in February

QCOSTARICA - Starting February 1, a new guideline by the Banco...

New maximum fees for card payments

QCOSTARICA - The Banco Central de Costa Rica (BCCR) - Central...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.