Dollar Gains 11 Colones
in Last Four Days
Many Costa Ricans are
concerned at the latest
increases in the
exchange rate where the
dollar has risen ˘11
Colones in the last
week, hitting a record
buy of ˘533 and sell of
˘537 at most banks and
financial institutions
yesterday.
The exchange rate opened
at Friday's close,
however, by noon, most
of the banks had
increased the rate
slightly, while the
state bank, Banco
Nacional, increased 3%
colones by 2pm. Most
banks followed the
Nacional lead.
Economist Rigoberto
Stewart is advising
Costa Ricans to remain
calm and not to run to
the banks to convert
their colones into
dollars. Stewart added
that the situation is
more difficult for those
who servicing a dollar
debt as they will need
more colones to make
their payments.
On the flip side, those
with savings accounts in
dollars are benefiting.
Stewart recommends that
those who can save
should do so in dollars.
In addition anyone
holding a colones
savings account should
consider converting it
to dollars.
The rise in the dollar
against the colones also
favours those earning
dollars should take out
loans or credit in
colones. Many foreigners
in Costa Rica who
receive income from
pensions and investments
in dollars, for
instance, benefit in
renting in colones.
The economist said the
blames the Banco Central
for the current
devaluation.
There it is difficult to
predict the movement,
financial experts
believe that the Colon
will continue to be
devaluate in the coming
weeks. |
