Costa Rica Colon Continues To Depreciate Against The Dollar

Costa Rica Colon Continues To Depreciate Against The Dollar

The rise in the U.S. dollar against the Colon has gone from ¢535.9 per one U.S. dollar in mid-March to ¢553.9 in the first week of September, reflecting in a devaluation of 3% so far this year.

Central Bank (Banco Central de Costa Rica – BCCR) figures show that between August 30 and September 6, the monetary authority intervened in the market by the injection of U.S. $26.1 million, with the aim of stabilizing the price of the U.S. dollar in the wholesale market.

Despite this, the dollar exchange rate in Costa Rica has maintained a clear upward trend and according to the money authority surmising, 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”.

With assurances and “more interventions when necessary”, the Central Bank promises to continue with the aim of stabilizing the U.S. dollar exchange rate in the wholesale Mercado de Monedas Extranjeras (MONEX).

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