Saturday 28 January 2023

Intervention in the Foreign Exchange Market

Paying the bills

Latest

Nicaragua has recovered due to exports and remittances

Q24N (EFE) The Nicaraguan economy has recovered in the...

New cases of Covid-19 in Costa Rica on the decrease

QCOSTARICA - The Ministry of Health reported a decrease...

Tourism sector views recovery figures with caution

QCOSTARICA - The crisis generated by COVID-19 in the...

Price of most fruits and vegetables increased up to 28% at farmer’s fairs

QCOSTARICA - Every weekend, many head to the local...

“The Brothers” Revisited

First I want to thank Ricoopinion of Q Costa...

Costa Rica activates advertising campaign in New York, Chicago and Toronto

QCOSTARICA - The millions of vehicle passengers and passersby...

Costa Rica in 2022 recovered 75% of tourists who visited the country prior to the pandemic

QCOSTARICA - Costa Rica closed the year 2022 with...

Dollar Exchange

¢552.80 Buy

¢559.31 Sell

28 January 2023 - At The Banks - BCCR

Paying the bills

Share

With the aim of cushioning the fall in the price of the U.S. dollar exchange, which between November 5 and 25 was reduced in ¢18,35, in just two days the Banco Central (Central Bank) intervened buying more than US$30 million.

Of the US$41.5 million negotiated at Monex during the November 22 session, the Central Bank purchased US$36 million, and of the US$30.7 million negotiated on November 25, the monetary authority acquired US$27 million.

This is the Central Bank’s response to the accelerated fall in the exchange rate, a situation that has been influenced to a great extent by the US$1.5 billion income from the recent Eurobond issue.

- Advertisement -

Central Bank data shows a clear downward trend in recent weeks, as between November 5 and 25 the price has fallen from ¢585.52 to ¢567.17, equivalent to a variation of 3%. See full figures.

On Tuesday, November 26, currency trading in the Foreign Currency Market (Monex) reached US$68.8 million, among the highest figures negotiated since 2014, only surpassed by a negotiation in June 2017 for US$75.9 million.

The strategy of the Central Bank is to intervene through operations with the Sector Público No Bancario (SPNB) – non-banking public sector – to influence the behavior of the price of the dollar.

“The appreciation of the colon against the dollars is a relief for the debtors in dollars that receive income in colones, but it affects the competitiveness of the country since it becomes more expensive for the foreign tourists and also increases relatively the value of the products of exportation,” reports La Nacion.

- Advertisement -
Paying the bills
Avatar photo
Q Costa Rica
Reports by QCR staff

Related Articles

In Costa Rica: dollar collapses and prices remain high?

QCOSTARICA - The dollar exchange has fallen ¢32 colones so far...

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

QCOSTARICA - Given the behavior of the dollar exchange rate, Costa...

Subscribe to our stories

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