Friday 05 December
2008, San José, Costa
Rica
Users Can File
Complaints Against Ruder and Offensive
Taxi and Bus Drivers
Dollar Appreciates
¢16 In
A Single Day
Padre Minor Could Be
Free In Three Months
Costa Rica Coffee
Exports Down 2.9%
U.S. Troops Aiding Costa
Rica, Panama
Children's Hospital
Christmas Tree Comes
Alive
Big Drop In Gasoline
Prices Next Week, ¢152 A
Litre
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Dollar Appreciates
¢16 In
A Single Day
with a Central Bank
reference rate of
¢526.12 for the buyr and
¢536.50 for the sell.
The actual exchange rate
at the state and private
banks hovered between
¢525 and ¢530 for the
sell and ¢535 and ¢542
for the sell.
However, by mid day
there had been some
movemenets, the dollar
has appreciated by
several colones and then
by mid afternoon it had
moved several colones
more, closing the day
with a total
appreciation of ¢16
colones, closing close
to the levels before the
drop.
This morning (Friday)
the Central Bank
reference rate opened at
¢540.59 for the buy and
¢552.83 for the sell.
The exchange rate at
7:30 this morning at the
Banco de Costa Rica was
¢543 for the buy ¢553
for the sell. At the
Scotiabank, the rate wa
¢541 and ¢556,
respectively. The rest
of the banks posted
similar rates.
Analysts had predicted
that last week's drop
was seasonal and
temporary and warned
against any rash
investment decisions.
The president of the
Banco Central de Costa
Rica (BCCR) - Central
Bank - Francisco de
Paula Gutiérrez, had
said that the need to
convert dollars into
colones to pay the
annual "aguinaldo" was
the major cause pushing
down the dollar and that
following the temporary
condition, the dollar
would increase and
stabilize.
Some analysts had
predicted that the
dollar would drop even
further to the ¢500
colones level before
beginning its spiral
upwards.
The variation in the
rate greatly affects
those who earn in
dollars, as they saw
their buying potential
and savings drop
dramatically. Many, in
fear of losing even more
traded in dollars for
colones, while others
paid their bills and
loans earlier than
normal to avoid loving
even more in the
exchange.
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