Thursday 24 June 2021

Rise in the Price of the US Dollar in Costa Rica

Based on a study from October 2006 to June 2013, the period between April and October is a time of less foreign exchange and therefore the exchange rate tends to increase.

Based on a study from October 2006 to June 2013, the period between April and October is a time of less foreign exchange and therefore the exchange rate tends to increase.

A rebound in demand for US dollars explains the increase of just over 5.36 colones registered in the price of the foreign currency with respect to the colon from the end of May to date.

The price of the dollar in the wholesale Monex market rose again in recent days, in response to an increase in demand for foreign exchange, normal at this time of year.

- Advertisement -

La Nacion explains that from August 11 to 30, the Banco Central de Costa Rica (Central Bank) had not sold the foreign currency in the market to stabilize the exchange rate. Last week the entity sold US$13 million in one day and this week it has sold the cumulative amount of US$19.6 million.

To effect sales, the Central Bank uses its reserves, which are the resources the country has to deal with external emergencies.

As of September 5, said resources amounted to US$ 6.78 billion.

According to the document Aproximación de patrones estacionales en el mercado cambiario de Costa Rica (Approximation of seasonal patterns in the Costa Rican exchange market), a study from October 2006 to June 2013, the period between April and October is a time of less foreign exchange and therefore the exchange rate tends to increase.

- Advertisement -

Economist Alberto Franco commented that nothing extraordinary is observed in the data of the exchange market of the last weeks.

However, economist Alberto Franco commented, “that nothing extraordinary is being seen in the data on the exchange market from the last few weeks. This movement in prices I would describe as normal, reflecting, in recent days, a slightly deficient market, and with sales of central bank currencies (not considerable) probably in order to soften the effect on quotes.”

Franco added that as the month progresses, a seasonal effect could be observed where the foreign exchange market, due to the liquidation of dollars, mainly by companies, to meet obligations of year-end of the closing or the fiscal year (October 1 to September 30).

September is the month used by businesses in Costa Rica to take empty their warehouses of merchandise and sell it under the form of promotion or special offer. This temporary market dynamics announces the arrival of the closing of the fiscal year.

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Ricohttp://www.theqmedia.com
"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

The “rebound” effect boosted growth in Costa Rica’s economic activity

QCOSTARICA - Costa Rica's economic activity registered in April 2021 a...

Are the days of the US dollar below ¢600 no more?

QCOSTARICA - The last time we saw the dollar exchange below...

MOST READ

American woman found lifeless in hotel bathroom in Sabana

QCOSTARICA - A sad discovery occurred this Thursday morning in a hotel located in La Sabana, in San José, the lifeless body of a...

Today’s Vehicle Restriction June 23: plates ending in 5 & 6 CANNOT circulate

Today, Wednesday, June 23, plates ending in 5 & 6 CANNOT circulate. The measure is countrywide and applied between 5:00 am and 9:00 pm, save...

Week immersed in passage of tropical wave, June Solstice and Veranillo

QCOSTARICA - Today, Monday, June 21, is the day of the year when the sun stays the longest on the horizon, therefore it is...

Facts and Career Opportunities for Positioning and Popularity of a Casino Dealer

Are you thinking about becoming a casino dealer? If you’re a Hungarian citizen, we’ll tell you more about what you need to know. You...

Weather, friendly locals, cost of living: expats in Mexico, Costa Rica enjoy same things

EXPAT FOCUS (MND) Of course it was no surprise that readers of Mexico News Daily voted Mexico as the No. 1 expat destination in...

Germany opens borders to Ticos from this Friday!

QCOSTARICA - Good news for Ticos with traveling fever! From Friday, June 25, Germany will allow entry of travelers from Costa Rica as long...

Full court decides not to investigate or dismiss Emilia Navas

QCOSTARICA - Emilia Navas will not be removed from her position as attorney general, after calls for her to step down due to her...

Ortegs regime requests Russia’s armament and military preparation to face “threats of terrorism”

TODAY NICARAGUA – Russian Minister of Defense, Sergei Shoigú, revealed during the IX International Security Conference in Moscow that the Government of Nicaragua requested...

The Best Sports To Play On A Beach

Costa Rica has some of the best beaches in the world. The coastline is blessed with golden sand, beautiful palm trees, and perfect blue...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

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.