Exchange Rate Moves
˘6 Colones Overnight,
Hitting A Record Sell
Rate High of ˘528
The exchange rate took a
sharp increase of ˘6 on
the sell rate overnight
after going up and down
by a few tenths of a
colon during the past
month or so.
The sell rate shot up
from ˘523.83 set
Thursday night to
˘528.08 at the close of
business Friday night.
The buy rate also moved
from ˘517.20 on Friday
morning to ˘521.20 set
last night by the Banco
Central de Costa Rica (BCCR).
This is the first time
since the BCCR set a
system of currency
bands, called "bandas
cambiarias" in Spanish,
on the exchange rate
that the rate has
reached an almost high
of ˘530.
The factor determining
the variation in the
exchange rate could be a
direct result of the
Central Bank's decision
to increase the interest
rates by 1%.
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