Tuesday 31 January 2023

Government will take measures against the drop in the dollar exchange rate

President Chaves: Costa Rica is trying to integrate more economically with the world

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Dollar Exchange

¢549.76 Buy

¢557.40 Sell

31 January 2023 - At The Banks - BCCR

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QCOSTARICA – Given the behavior of the dollar exchange rate, Costa Rica’s president Rodrigo Chaves, while in Switzerland, confirmed on Friday to France 24 that the government will seek to stop the recent appreciation of the colon against the dollar.

Costa Rican president Rodrigo Chaves

The President ended this week his participation in the World Economic Forum (WEF) that was held in Davos, where he also held bilateral meetings and defended the objective of attracting investment to the country.

As the president confirmed to the international media, the behavior of the local currency behaves differently from that of other countries such as Chile and Colombia.

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Of course, the President admitted that the fall in the dollar “benefits some” in the country, for example, consumers in the price of fuel.

The Banco Central de Costa Rica (BCCR) –  Central Bank – asked the population and economic sectors for “tranquility” in the face of the recent downward trend of the dollar exchange rate.

In the interview with France 24 titled, “Costa Rica está tratando de integrarse económicamente más al mundo” (Costa Rica is trying to integrate more economically with the world), Chaves was very optimistic about the future of the Costa Rican economy, assuring that the country “has been insistently trying to integrate more into the world.”

Chaves also spoke about the insecurity situation that the nation is going through, the rebound in tourism, the evolution of the local currency and his government policies, among other topics.

Exporters register more than 14% in losses due to the dollar exchange rate

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The export sector warned of the risk of companies closing due to the drop in the dollar exchange rate. The concern of exporters is added to that of the tourism sector, which asked the Central Bank authorities to take measures to stabilize the behavior of the currency.

Germán Morales, vice president of the Cámara de Exportadores de Costa Rica (CADEXCO) – Chamber of Exporters of Costa Rica, commented that companies are reflecting losses that exceed 14% due to this situation.

Morales said that the closure of companies in the sector would also generate an increase in unemployment.

In the last 24 hours, the dollar decreased ¢2 more, reaching the reference sale at ¢569.48 for the sell and 562.88 for the buy. In other words, so far this year the drop in the dollar exchange has been more than ¢33.

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