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

QCOSTARICA - Costa Rica's economic activity registered in April 2021 a year-on-year growth of 8.8%, a figure affected by a “base” or “rebound” effect, since the comparison is made with the months of 2020 when production was most affected by measures to contain the...

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

QCOSTARICA - The last time we saw the dollar exchange below ¢600 colones we have to back to September 18, when one US dollar was ¢599.86 colones. Today it is common to find it at the threshold of ¢620. Is this a new normal to...

Central Bank intervenes to remove upward pressure on dollar exchange rate

QCOSTARICA - The Banco Central (Central Bank) increased its presence in the foreign exchange market to remove the upward pressure shown on the U.S. dollar exchange in recent days. The dollar exchange, which had remained between ¢610 and ¢616, this year, in the Monex market,...

Interventions by the Central Bank will be key so that Colon does not depreciate this yea

QCOSTARICA - The notorious influence of the Central Bank (Banco Central) to control the exchange rate is expected without stopping in the face of the currency devaluation last year and signals that it will continue. This is how economist at Economía Hoy, Gerardo Corrales, considers...

Central Bank foresees economic growth of 2.6% this year

QCOSTARICA - The Costa Rican economy will grow 2.6% this year, after a 4.5% contraction in Gross Domestic Product (GDP) last year. That was the word from Rodrigo Cubero, president of the Banco Central de Costa Rica (BCCR) - Central Bank, on Friday, January 29,...

Services, medical industry and teleworking cushioned the fall in foreign investment

QCOSTARICA - In a pandemic year where global value chains were broken, key economies for Costa Rica fell and a very strong drop in global investment flows was estimated, foreign companies continued to invest in the country. The information compiled by the Banco Central (Central...

Banco Central faces 2021 with less room to intervene in the exchange market

QCOSTARICA - After spending about one billion dollars last year, the Banco Central de Costa Rica (BCCR) - Central Bank of Costa Rica - starts 2021 with less room for maneuver than it had at the beginning of 2020 to intervene in the exchange...

Dollar exchange closes 2020 at ¢615.43, the highest of the year

QCOSTARICA - This Wednesday, December 30, the U.S. dollar closed at the highest price of 2020 in the wholesale market. At the close of the last session of the year, this Wednesday, December 30, the currency reached a weighted average price of ¢615.43 in the...

Central Bank forecasts inflation below 2% in the next two years

QCOSTARICA - Costa Rica's Central Bank forecasts continue to show that in 2021 and 2022 inflation would remain below the lower limit of the target range of between 2% and 4%. This situation, says the Central Bank, gives room to continue with an expansive and...

Banco Nacional receives guarantee to lend ¢128 billion to clients affected by the pandemic

QCOSTARICA  - The Banco Nacional (BN)already has the guarantee to use a special fund for ¢128 billion, set up by the Central Bank to help clients with loans in productive activities affected this year by the economic crisis, caused by the pandemic. The BN said...

High demand for the dollar resurfaces and interventions by the Central Bank return

QCOSTARICA - The U.S. dollar returns to the fore after weeks without shocks, and the demand for the currency has skyrocketed. Although it is understandable that at this time there is an upward behavior of the exchange rate, on Friday, December 4, the highest daily...

Dollar exchange now two and a half months above ¢600

QCOSTARICA - Since September 18, the price of the dollar exchange has remained above ¢600 and analysts do not expect a significant drop for the remainder of the year. This week the average exchange in the Monex market fell ¢4.88 and ended on Friday, December...

Pressure on dollar exchange begins to give ground: Will it be sustainable?

QCOSTARICA - After peaking on November 11, at ¢616.58 according to the Banco Central (Central Bank) average, the exchange rate seems to be losing ground, closing on Friday, November 21, at ¢605.99. The pressures seem to have diminished, so much so that during the week...

Dollar drops ¢10 this week due to year-end seasonality

QCOSTARICA - The dollar exchange fell ¢10.38 this week as a result of the traditional sales of foreign currency made by companies to pay bonuses and other end-of-year commitments. This is how two economists consider it: Noberto Zúñiga, from Ecoanálisis and the Academia de Centroamérica,...

Chasing the dollar

Pressure on the exchange dollar rate does not give way: November started on the rise. The dollar exchange this November 4, 2020, is ¢607.11 for the buy and ¢614.55 for the sell, set by the Central Bank. At the banks, the dollar exchange is ¢600 -...

Central Bank projects more moderate economic decline than expected

QCOSTARICA - The Banco Central de Costa Rica (BCCR) - Central Bank - projected that the fall in the economy in 2020 will be slightly less than expected last July. The most recent Monetary Policy Report (Informe de Política Monetaria in Spanish) published this Saturday,...

Central Bank continues efforts to stop the rise in the dollar exchange

QCOSTARICA - The Banco Central de Costa Rica (BCCR) - Central Bank - continues its policy of intervention, in an effort to stop the rise in the dollar exchange. On Wednesday, October 28, the Central Bank injected US$13 million dollars in the Foreign Currency Market...

Central Bank makes biggest intervention of the year on the dollar exchange

QCOSTARICA - The Banco Central - Central Bank - made today, Tuesday, the single largest intervention in the Foreign Currency Market (Monex) so far this year, to try to alleviate the pressures that exist on the dollar exchange rate. According to the information, the Central...

With the dollar rising, should I transfer my loan or my savings from the currency?

QCOSTARICA - The change in the exchange rate of the dollar against the colon is an aspect that causes many concerns and nervousness, not only due to the effects that this can generate on the economy (increase in fuel prices and raw materials, among...

Fiscal uncertainty and seasonality influence an increase in the dollar exchange

(QCOSTARICA) The dollar exchange rate has maintained an upward trend for the past two weeks, since September 14, increasing ¢9.11 colones. Between the 14th and the 28th of this month, the average exchange in the Monex market increased reached ¢604.52 on September 28, while the...

Ruta 27 tolls will increase starting Thursday

(QCOSTARICA) While the economic crisis felt by one and all due to the COVID-19 pandemic, prices of goods and services continue to rise. Starting on Thursday, October 1, the tolls on the Ruta 27 (the San Jose - Caldera) will see a price hike of...

Do not be alarmed by dollar exchange at ¢600, it is a cyclical behavior

(QCOSTARICA) The behavior of the dollar exchange in recent weeks has not gone unnoticed, so far this year it has increased more than ¢25, on average. While six months ago it was trading between ¢570 and ¢575 for one US dollar, it is currently around...

Sinpe Móvil transfers grow by leaps and bounds in 2020

(QCOSTARICA) Money transfers in Costa Rica through the SINPE Móvil by the Central Bank accelerated the growth rate in 2020. As of July, a new record figure of some 4.5 million transfers was reached. The option of transferring money between accounts within each bank and...

Central Bank estimates for this year the biggest economic contraction since 1982

(QCOSTARICA) The Banco Central de Costa Rica (BCCR) - Central Bank - published on Thursday afternoon, July 30, the revision of the country's economic projections and now estimates a stronger drop in production, in 2020, than had been announced in April. The entity foresees a...

Central Bank defines maximum interest rate for credit cards

(QCOSTARICA) The Banco Central de Costa Rica (Central Bank) published early Friday morning the maximum interest rates for credit operations in colones, dollars, and other currencies, in accordance with the new Ley de Usura - usury law - now in effect. Through a press release,...

Prepare to stop using ¢50,000 bills

(QCOSTARICA) Good chance you've used them sparingly, even less of late or may have never. We're talking about the ¢50,000 colones banknotes that will soon be extinct in the market, according to the Central Bank. Given the growth of digital transactions, cash is used less...

Central Bank withdraws ¢50,000 banknote from circulation

(QCOSTARICA) You hardly see them in circulation. They are not dispensed at ATMs. About the only way to get your hands on one specifically from a bank teller. So, it is no surprise the announcement from the Central Bank to remove it from circulation. That...

Dollar Exchange Drops Below ¢570

The "yo-yo" dollar exchange today, Wednesday, April 15, is at a low of ¢564.13 for the buy and ¢569.29, after reaching a high of ¢579.50 for the buy and ¢587.37 on March 31, rebounding from a low of ¢560.66 for the buy and ¢570.33...

What can we expect for the dollar exchange with the ‘coronavirus effect’?

The dollar exchange rate is currently under strong pressure, towards a rise driven by situations such as the fall in tourism and exports, which decrease the amount of dollars available in the country; while, on the downside, it is driven by the fall in...

U.S. Dollar exchange rose ¢10.50 in last four sessions

The average price of the U.S. dollar in the Monex market, where amounts greater than $1,000 are traded, rose ¢10.50 in the last four sessions, going from ¢568.06, on Wednesday, March 18, to ¢578.64, this Tuesday, March 24. The Banco Central (Central Bank) decided to...

Government readies economic support measures for sectors hardest hit by coronavirus in Costa Rica

The Government of Carlos Alvarado is expected to present today, Saturday, March 14, a series of economic measures to counteract the negative effects that the covid-19 coronavirus is having on Costa Rican productive sectors. President Carlos Alvarado made the announcement on his Twitter account. Mañana anunciaremos...

Interest Rates Caps and Debtor Exclusion

In Costa Rica, a bill under discussion seeks caps on interest rates on loans, a measure that could lead to a reduction in credit for higher-risk borrowers. As part of the discussion in the Legislative Assembly, the heads of the Central Bank of Costa Rica...

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