Saturday 16 August
2008, San José, Costa
Rica
Dollar Expected To
Settle at ¢554 By Year's End
Arias Popularity
Plummets in Costa Rica
vUS Embassy Caja Deadbeat
Airport
Improvement
Triplets For Mother's
Day
Avenida Segunda To
Get Badly Needed Facelift
|
Dollar Expected To
Settle at ¢554 By Year's
End
The Unidad de Estudios
Económicos de Interbolsa
estimates that the colon
will be worth between
¢552 and ¢554 to one US
dollar by the end of the
year. The estimate is
well below the expected
reach of ¢600 colones
many feel it will reach
by December, given the
sharp increase in June
and the continuing daily
movements.
The Banco Central de
Costa Rica (BCCR) -
Central Bank - posted an
exchange rate of ¢547.47
for the buy and ¢557.01
for the sell on
Thursday. Friday was a
legal holiday and the
Central Bank will not be
posting a new rate until
Monday.
According to economist
Isaac Castro of
Interbolsa, domestic
inflation will moderate
and increase in the
interest on colones is
expected.
"Possibly an increase in
the interest rates on
colones and stable rate
on dollars will motivate
economic agents to
invest in colones", said
Castro.
Financial experts argue
that the move would
increase demand for
colones, which will
pressure the exchange
rate to drop.
Economists agreed that
in recent weeks a number
of factors led to the
escalation of the
dollars, among them the
expectations of a
devaluation in the
colon, the country's
economic slowdown, the
growth in consumer
prices and the
deterioration of
external accounts.
|
|
|
|
|
|
|
|
