Official figures from the Banco Central de Costa Rica (BCCR) – Central Bank – show a downward trend in the dollar exchange in recent weeks, due to the growing supply of dollars in the local market, which is explained in part by the revenue of US$1.5 billion from the recent issue of Eurobonds.
On November 12, the securities were sold in the international market, and at the end of the negotiation, bonds were issued for US$1.2 billion maturing in 2031 and US$300 million maturing in 2045.
So far in November, the price per US dollar in the wholesale market (Monex) has dropped ¢16.55 colones.
Between November 5 and 22, the price has dropped from ¢585,52 to ¢568,97, equivalent to a 3% variation.
Norberto Zúñiga, an economist, told Nacion.com that “… we are in a period of significant surplus in the private currency market, to which are added the receipt from the issuance of Eurobonds and other multilateral loans. In the end, what can happen to the exchange rate, depends exclusively on the decisions of intervention and purchase of foreign exchange that the Central Bank decides.”