March 10th, 2014 (InsideCostaRica.com) The US dollar gained an additional ¢10.77 last week despite significant intervention by Costa Rica’s Central Bank in the Monex wholesale market.
The Central Bank sold a total of $140.9 million into the market last week in a series of attempts to control the high-flying greenback.
Central Bank president, Rodrigo Bolaños attempted to calm the business sector during a mid-week press conference, saying that the “exchange rate would stabilize over time.”
Economists are blaming an increased demand for dollars by the private sector, amongst other factors for the dollar’s continued gains that began early this year.
The Central Bank reference rate stands at 555.79 (buy) and 570.79 (sell).