Saturday 12 June 2021

Slow Depreciation of Costa Rica Colon Continues

In the past week the Central Bank intervened in the market with U.S. $26.1 million, with the aim of stabilizing the price of the U.S. dollar,  defending what has been done so far and has given assurances that it will keep intervening when necessary.
In the past week the Central Bank intervened in the market with U.S. $26.1 million, with the aim of stabilizing the price of the U.S. dollar, defending what has been done so far and has given assurances that it will keep intervening when necessary.

(QCOSTARICA) The dollar exchange rate in the wholesale Mercado de Monedas Extranjeras (MONEX) market has gone from ¢535.9 per one U.S. dollar in mid-March to ¢553.9 in the first week of September this year.

Despite interventions by the Central Bank (Banco Central de Costa Rica – BCCR), the dollar exchange rate in Costa Rica has maintained a clear upward trend for several months, reflecting in a devaluation of 3% so far this year.

- Advertisement -

The rise in the U.S. dollar against the Colon is due to, according to the monetary authority, a “… lower amount of surplus currency in the private sector, which showed, in addition to traditional seasonal patterns in the foreign exchange market, the partial recovery in international prices of some raw materials from February this year (prices are still below levels seen a year ago) and the greater dynamism of imports. ”

According to figures of the Central Bank, between August 30 and September 6 the monetary authority intervened in the market with U.S. $26.1 million, with the aim of stabilizing the price of the U.S. dollar in the wholesale market.

The Central Bank defends what has been done so far and has given assurances that it will keep intervening when necessary.

In the view of the state entity “… the evolution of the dollar exchange rate since February 2015 has been consistent with macroeconomic conditions, with announcements by the Central Bank regarding the net demand of the nonbank public sector and based on the managed floating regime.”

- Advertisement -

With notes from the Banco Central and Centralamericandata.com

- 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

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

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

Central Bank intervenes to remove upward pressure on dollar exchange rate

QCOSTARICA - The Banco Central (Central Bank) increased its presence in...

MOST READ

Which countries could follow El Salvador by making it legal tender?

Q24N - El Salvador may be the first country to adopt bitcoin as legal tender, but recent developments suggest that it might not be...

Today’s Vehicle Restriction: June 8, “ODDS”

Today, Tuesday, June 8, only ODDS can circulate. The measure is countrywide and applied between 5:00 am and 9:00 pm, save for those under the...

Will President Alvarado be vaccinated against Covid-19 soon?

QCOSTARICA - Costa Rican President Carlos Alvarado is just another citizen when it comes to covid-19 vaccination, given his young age and good health,...

Costa Rica receives 204,000 doses of covid-19 vaccines from AstraZeneca

QCOSTARICA - Costa Rica received this Sunday morning, June 6, the second direct shipment from AstraZeneca of vaccines against covid-19. The flight landed at 11:05...

The US sanctions Nicaraguan Daniel Ortega’s daughter and close associates

TODAY NICARAGUA – The United States imposed economic sanctions on four Nicaraguan officials close to President Daniel Ortega on Wednesday, June 9, 2021, including...

Costa Rica passes law to attract foreign pensioners and rentiers with $150K capital

QCOSTARICA - Costa Rica's legislature approved, in the first debate, a bill that reduces the minimum amount that a foreign pensioner or rentier must...

Today’s Vehicle Restriction: June 5, “EVENS”

Today, Saturdday, June 5, only EVENS can circulate. The measure is countrywide and applied between 5:00 am and 9:00 pm, save for those under...

Bus stops could be a covid-19 contagion bomb

QCOSTARICA - It's five in the afternoon on any given Wednesday in San José. Hundreds of people returning to their homes begin to crowd...

Carlos Alvarado describes calls reprehensible the persecution of Ortega against opponents in Nicaragua

QCOSTARICA - The President of Costa Rica, Carlos Alvarado, described the persecution of Nicaragua President Daniel Ortega against opponents as reprehensible after the government...

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.