January 31st, 2014 (InsideCostaRica.com) After the dollar gained significant ground against the colon this week – rising in price by nearly ¢7 during Wednesday’s trading alone – Costa Rica’s Central Bank (BCCR) is promising further intervention in the currency markets should the trend continue, the Bank said in an official statement.
The statement reiterated the Bank’s commitment to “protect the economy” before excessive increases in the price of the greenback.
On Wednesday, the Central Bank sold some $4.9 million into the Monex wholesale market after the dollar soared to more than ¢520. The move helped push the dollar down to close at ¢514.24.
The Bank notes that it has $7.2 billion in net international reserves to intervene in the exchange market.
Today, the Central Bank will unveil its Macroeconomic Program for 2014.