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COSTA RICA |
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Dollar Recovers, Climbing ¢8 In One Single Day
After dropping steadily since Monday,
dropping to ¢563.58 Wednesday from ¢575.34
on Monday, the dollar began to recover
following opening of trade on Thursday,
climbing ¢8.29 colones in a single day.
The sell rate this morning is pegged at
¢571.87, while the buy is ¢562.09.
Although it is the Banco Central de Costa
Rica (BCCR) - the Central Bank - that sets
the daily reference exchange rate, banks,
both state and private, can set their rates
between the low band of ¢500 and high
of ¢600 established by the BCCR.
Following yesterday's opening of the trade
markets, it was evident that the dollar
would recover some, as banks were quick to
change their rates. By the end of the day,
the rate has climbed sharply.
Typically the dollar has shown a slight
increase daily. However, since the middle of
September the exchange rate has been in a
swinging action, up and down, swinging as
much as ¢30 colones over the period.
The swing is such that Wednesday night
Scotiabank - the leading private bank in
Costa Rica - would not permit online
payments, giving the error message that the
action could not be completed due to a
pending change in the rates. |
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