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First Day of Free Market
Exchange Called "Interesting and
Positive" By Central Bank
President
For the first day of the new
free market currency exchange
rate, the majority of the banks
and financial institutions kept
close to the "floor" and
"ceiling" rates set by the Banco
Central de Costa Rica (BCCR) -
the Central Bank.
BCCR president, Francisco de
Paula Gutiérrez, categorized the
first day as one of caution by
the banks as they neither wanted
to buy or sell dollars. On
another note, he contrasted his
earlier comments saying that the
first day results were
"interesting and positive".
At the local banks customers
really saw no difference,
business as usual.
For most of the banks, their
position one was of one caution.
Gerardo Corrales of the Banco
Cathay, who had the biggest
spread yesterday, said that "if
one is within the bandas (range)
it will be protected". According
to Liliano Blanco, manager of
external commerce at Banco
Cuscatlan, "we are adjusting".
The state banks, Banco de Costa
Rica and the Banco Nacional,
were also cautious in setting
their rates, watching the
private banks as to what they
were doing. At Scotiabank, the
largest of the private banks
with its purchase of Banco
Interfin, the situation was
normal.
Scotiabank kept is buy and sell
rates at ¢514.50 and ¢525.50,
respectively, for a 11 point
spread, an average by most of
the banks. The Banco Nacional
had the lowest spread at 3.60
(¢515.60 and ¢519.20).
The financial institution with
the largest spread was the "Casa
de Cambio Global Exchange", who
has a 66.30 point spread,
setting its buy and sell rates
at ¢470.60 and ¢536.90,
respectively.
No one is sure what the change
will be for the economy or where
the Costa Rican colon will be by
year's end.
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