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20 years

No plans to devalue colón, Costa Rica’s Central Bank says

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September 18th, 2015 (ICR News) In an official statement sent to ICR News on Thursday, Costa Rica’s Central Bank said it has no plans to intervene in the exchange rate of the colón, despite statements made to the press on Wednesday by acting Minister of Finance, Jose Francisco Pacheco in which Pacheco stated that the Bank and finance officials were considering a devaluation of the currency.

 

The Bank said that it “has no plans, nor has it discussed” the possibility of artificially affecting the exchange rate since the Bank adopted a system of “managed float” of the currency versus the US dollar in February, and does not believe an artificial devaluation of the currency would promote economic recovery nor reduce unemployment.

 

The Bank said that Pacheco’s statements were made in “general terms,” in regards to issues discussed within the Presidential Economic Council, but that any decisions regarding foreign exchange rates fall under the exclusive authority of the Bank’s Board of Directors, thus limiting the possible influence of the Executive.

 

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  • Yeims

    If you can’t fix it with a hammer, you’ve got an electrical problem.

  • zzzzz

    Thanks for the story

  • winkdarren

    just waiting to seeing if Solis can push his new tax plan through.

  • stfree

    LOL

  • Mike Wise

    The CR Colon has got to be one of the strongest currencies in the world! Over the past year it is UP 0.8% vs the US dollar. By comparison, the Euro is down 11.2%, the British pound is down 5.1%, the Canadian dollar is down 15.7%, the Japanese yen is down 8.9%, and the Chinese yuan is down 3.5%.
    A strong currency is usually a sign of a well-run economy. Think of Switzerland. I can’t say that Costa Rica is in the same league as Switzerland!
    Instead, there has to be a fair bit of currency manipulation by the central bank, and that is clobbering Costa Rica’s competitive position in the world.

  • Karen Mata

    Regardless of CR’s plan, the free market will ultimately decide the colon’s value just as it did in Argentina.

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