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Steady Rate of Exchange
The modifications in the system
to establish the colon-dollar
parity will not result – in the
short term – in major variations
in the rate of exchange,
economists, scholars, former
Central Bank presidents, and
other experts interviewed by the
daily La Nación agree.
Their comments resulted from the
announcement made by the Central
Bank in relation to a new system
to determine the rate of
exchange which will be effective
in the coming months.
This means a migration from the
current mini-devaluation system
– in which the colon devaluates
1.3 cents a day as an average –
to one in which the rate will
fluctuate between a top and a
low range established by the
Central Bank.
According to most of the experts
consulted, a stronger colon is
the most likely outcome at least
for the first stages of
application of the new system,
given the high dollar reserves
available.
However, they point out that any
forecasts are risky, given the
lack of experience with the
system.
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