Saturday 18 September 2021

Error In Wholesale Currency Exchange System Allowed Someone To Purchase U.S. Dollars At ¢5.555 colones

Paying the bills


What are we celebrating?

QCOSTARICA - From the gallows humor department is the...

Sala IV rejects covid patient’s claim for Caja to pay the cost of a private hospital

QCOSTARICA - A claim made by a family against...

Finally, migrant population in Costa Rica will be vaccinated against covid-19

QCOSTARICA - After complaints raised by migrants because they...

Costa Rica is the Main Exporter of Palm Oil in 2020

QCOSTARICA - In 2020, Costa Rica was the largest...

Uruguay considers allowing tourists to buy marijuana

Q24N - The first country in the world to...

Today’s Vehicle Restriction September 18: “ODD” ending plates CANNOT circulate

QCOSTARICA - Starting today, September 18, we go back...

500 Intel drones illuminated the night of celebration of the Bicentennial of Costa Rica

QCOSTARICA - During the celebration of the Bicentennial of...
Paying the bills


The MONEX is the Central Bank's wholesale currency exchange service
The MONEX is the Central Bank’s wholesale currency exchange service

Q COSTA RICA NEWS – How would you like to buy one U.S. dollar at the rate of ¢5.555 colones? Someone(s) did this week, due to an error in the system in the first transaction of the day of the Monex wholesale currency market.

The Mercado de Monedas Extranjeras (MONEX), since 2006, is the Central Bank’s (Banco Central de Costa Rica) service whereby participating entities trade and liquidate with BCCR and among themselves their foreign currency buying and selling operations.

- Advertisement -

The service allows entities to address their needs for buying and selling foreign exchange in the wholesale market, according to the BCCR description of the service, which includes advantages such as: easy to trade foreign exchange, liquidation in real time and information on market and exchange rate behavior and transactions.

La Republica reports that at the opening of the market Wednesday, the system allowed US$400,000 to be traded at ¢5.555 colones instead of ¢555 per one US dollar. A report by La Nacion, however, reports two transactions occurred at the low rate and the transactions were for ¢63,000 colones.

From La Nacion screen capture from the BCCR
From La Nacion screen capture from the BCCR

The MONEX rate closed Tuesday night at ¢556.15 colones for one U.S. dollar.

It is not known who made the transaction, because the MONEX market is “blind”, that is, the amounts of the purchase and sale are known, as well as the exchange rate of the transaction, but it is not known who performs the transaction, although there is a register list of participants at the Central Bank.

Source:,, Banco Central

- Advertisement -

- Advertisement -
Paying the bills
"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

Costa Ricans lose hope of a low dollar

QCOSTARICA - In December, Costa Ricans expected the dollar exchange rate...

TSE rules out political party donations in cryptocurrencies

QCOSTARICA - The Tribunal Supremo de Elecciones (TSE) - Supreme Elections...

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.