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Devaluation Rate to Slow Down
The Banco Central de Costa Rica
(BCCR) announced that it will
lower the daily rate of
devaluation from .15 to
.13 of a colon.
Bank president Francisco
Gutierrez explained that the new
rate will result in a yearly
devaluation of 6.6%, instead of
the 8.2%experienced until now.
Thus, it is expected that the
current rate of exchange will go
from 500 now to some 530 colones
per dollar at the end of the
year.
The announcement was part of the
monetary program of the Banco
Central for this year, which is
aimed at returning in 2007 to
the 10%inflation a year - which
was recorded between 1999 and
2003.
In 2005 the inflation rate was
14% and for 2006 the expected
inflation rate is 11%.
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