Monday 21 June 2021

Greater Stability in Dollar Exchange Expected

During 2019, the price of the dollar in Costa Rica registered multiple fluctuations; however, for this 2020, such abrupt variations are not expected, as the Banco Central de Costa Rica (BCCR) – Central Bank – starts the year with reserves close to US$9 billion.

Tourists exchange currencies at Juan Santamaría airport (SJO). In 2020, the dollar is expected to rise and fall based on normal seasonality, but without fluctuations greater than last year. Photo Adrián Soto

Data from the BCCR reveals that between February 4 and November 28, 2019, the average dollar exchange price fluctuated considerably, ranging from ₡614.31 to ₡562.63.

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Economist Luis Mesalles told La Nacion, “… With the entry of funds from foreign debt, not only the Eurobonds that have just entered, but also those that are being negotiated, and a recovery of confidence in the government … there will be fluctuations, but in smaller ranges.”

For his part, economist Norberto Zuñiga, said that “… But even in the worst case, that the Legislative Assembly does not approve additional external financing, an unlikely scenario, the exchange rate should not experience a large devaluation.”

Experts agree that in a context where the Central Bank starts the year with high reserves and in cases of abrupt fluctuations, the monetary authority will have the capacity to intervene in the market.

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Source: Nacion.com

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