Tuesday 31 January 2023

Exchange rate remained stable after elections, despite high trading volume

One day after the elections in Costa Rica, the price of the dollar remained unchanged

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Dollar Exchange

¢552.80 Buy

¢559.31 Sell

28 January 2023 - At The Banks - BCCR

Paying the bills

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QCOSTARICA – The Monex exchange market, where amounts greater than US$1,000 are traded, had a quiet day after the result of the elections in Costa Rica, where the price of the currency literally did not move, although the amount traded was higher.

At the financial institutions, the peak reached on February 7 was ¢653

The weighted average price (considering the amount traded) ended the day at ¢645.44; the same as last Friday and the amount traded was US$36.9 million, above the average of US$11.8 million on the 1st. from January 2020 to February 7, 2022.

The Banco Central (Central Bank) sold on February 7, US$1.9 million to the public sector and took the opportunity to buy US$18.5 million to replace the foreign currency that it has sold in previous days.

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At the financial institutions, the highest retail price reached on February 7 was ¢653, excluding exchange houses.

“The market was waiting for the result. Particularly if any ‘non-potable’ candidates advanced. I think that the key in the first round was the formation of the Legislative Assembly. This is operational for making agreements. There are, in principle, fewer fractions than expected compared to the current one. Uncertainty continues until April, but it is reducing,” said economist Vidal Villalobos, advisor to Grupo Prival.

Days prior to the elections, the price of the dollar had maintained an upward trend, going from ¢633.47, on January 17, to ¢645.44, on February 4. However, economist Daniel Ortiz, executive director of the Economic and Financial Counselors (Cefsa), attributed this to the fact that the foreign currency contributed by tourism is still below the period prior to the pandemic. In addition, the Government has not yet received loan disbursements from multinational organizations, such as the International Monetary Fund (IMF).

Villalobos expects that in March the price of the currency will drop because many companies exchange dollars for colones to make the annual income tax payment, which expires on March 15.

La Nacion

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