Tuesday 02 December
2008, San José, Costa
Rica
Dollar Exchange
Stabilizes
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Dollar Exchange
Stabilizes
Since a week ago the
U.S. dollar as taken a
steep slide in the
exchange against the
Costa Rican colon. A
week ago the Central
Bank reference rate was
¢548.94 for the buy and
¢558.74 for the sell.
This morning the rate is
¢523.97 and ¢534.25.
Financial experts say
that downward trend is
common for the Christmas
season and end of the
year, as many change
their "dollars" for "colones"
to pay the aguinaldo,
for instance, which
pushed down the demand
for the US currency.
Other factors that
believed to be the
reason for the
depreciation is a slow
down in the growth of
exports, reduced income
from tourism and the
reduction in direct
foreign investment.
One thing all the
financial experts agree
is that there are too
many dollars in the
market that is pushing
down its value and that
the situation is
seasonal.
Roxana Morales, an
economist for the
Universidad Nacional
assures that the drop is
temporary and that
people should be
cautious and not make
haste investments.
Bankers say they cannot
forecast if the trend
will continue to devalue
the dollar and are
recommending people not
to go out and trade
their dollar savings for
colones as it could lead
to material losses,
given the current
financial situation.
Guillermo Quesada,
general manager of
Bancrédito said "Ticos
must get used to the
fluctuations of the
dollars. It will not be
surprising that the
price (exchange) will
rise again".
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