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COSTA RICA - Friday 07
January 2005
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Euro Exchange Rate Varies Up to
10¢
Europeans
visiting Costa Rica are finding
a great difference in the
exchange rate of Euros between
banks.
A survey of several banks found
a difference more than ¢10
colones. One bank quoted ¢615
(us$1.33), while another quoted
¢625 (us$1.35) for one Euro. And
the banks were only one block
apart.
An explanation given for the
difference is that it all
depends on which reference
points the banks use: the
exchange in New York or the
exchange in Frankfurt, Germany.
The other factor involved in the
exchange rate difference is if a
commission is charged by the
bank. Some banks charge a
commission, while some others
don't.
Typically the exchange rate for
US Dollars doesn't vary much
from bank to bank, state or
private. However, when it comes
to other currencies, like the
Euro or the Canadian Dollar,
shopping around can make all the
difference.
For example, most banks will not
accept the Canadian Dollar for
exchange. The only bank that
will openly exchange that
currency is Scotiabank which is
associated with the Bank of Nova
Scotia in Canada. The Banco
Nacional posts exchange rates
for Euros and the US Dollar but
not for other currencies, while
the Banco de Costa Rica will
exchange Euros, but it becomes
complicated, while the branch
calls to obtain an exchange rate
from the central offices.
One financial operation,
Financiera Londres, located in
downtown San José accepts all
types of currencies for
exchange. In addition to the
Euro and Canadian Dollar,
Londres will accept the Yen, the
Pound and many other currencies.
The Banco Central de Costa Rica
sets the exchange rate for the
Euro however it doesn't post it
on it's website like it does the
rate for the US Dollar to the
Colon. For the rate on the Euro
you need to either visit the
Central Bank or call at 243-4460
between the hours of 8:45am and
3.:30pm or by email at
centroinf@bccr.fi.cr.
Devaluation Reached 9.5 percent
The rate of exchange closed
2004 at 459.64 colones per U.S.
dollar, 40.5 colones more than
at the end of 2003, therefore
resulting in a 9.5 percent
devaluation as an average.
According to the Central Bank of
Costa Rica, which devalues the
Colon under a controlled
devaluation program, this was
the figure foreseen in its
monetary program.
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Number of Political Parties
Grows
According to
surveys, a majority of
registered voters want a new
party in power and it seems
their wish will be granted,
considering the vast array
of political parties when
they cast their ballots on
Sunday, February 5, 2006.
According to the Supreme
Election Tribunal, 13
parties are already fully
registered at the national
level, while 13 others are
following the proper
procedures to join the
former.
Between 1953 and 1970, the
number of parties was 2 to
5; it increased to 6 to
eight from 1974 to 1994, and
jumped to 13 from 1998 to
2002.
Agricultural exports
According to the Ministry of
Agriculture, 2004 was a good
year for the exports of the
sector, which amounted to
$2.1 billion.
Bananas lead with $500
million worth of sales
abroad, followed by
pineapples, some $238
million, and coffee fell to
a third place among the
agricultural dollar-earners,
with close to $214 million.
Plants and flowers netted
$162 million.
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