˘562.83 To US$1
Starting Today
The board of directors
of the Banco Central de
Costa Rica (BCCR) last
decided to set the sell
exchange rate for the
colones to the US dollar
at ˘562.83 and the buy
rate at ˘498.39, the
single most change since
the Central Bank
introduced the "bandas
cambiarias" policy in
October 2006.
The BCCR website this
morning still quotes the
old rate of ˘516.76 for
the sell and ˘521.73 for
the buy, however, the
new rates are in effect
today.
At the same time the
Central Bank set the
daily devaluation for
the buy at ˘0.06 colones
per day, while the buy
daily devaluation will
be ˘0.11.
The new measure is to
control inflation in the
short term and the
Central Bank does not
have to constantly
intervene in the
exchange rate.
A number of banks
reacted immediately
saying that they will
keep to previous lower
limit. This morning,
Scotiabank, the largest
of the private banks set
it exchange rate for
today at ˘522 for the
sell and ˘517 for the
buy, while the Banco de
Costa Rica, set the sell
at ˘497.39 and buy at
˘521.5.
Gerardo Corrales,
executive vice-president
of the Grupo BAC (Banco
de san José, Credomatic)
said the change is a
severe blow to
exporters, converting
them into big losers.
Some bankers feel that
the change will also
mean a rise in interest
rates in the country,
reducing loan requests,
reducing the amount of
money in circulation,
which in turn will
reduce inflation. |
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