Dollar Exchange Expected To Recover, Rises
¢10 Colones In A Single Day
During the past two months, the US dollar
and Costa Rican colon exchange rate has been
a "yo yo", going up and down, at will and
without sense or reason, as it fluctuates up
to ¢10 colones in a single or more in a
week.
Such was the case on Monday, when the
exchange rate moved from ¢559.69 for the buy
and ¢570.07 for the sell to ¢569.58 and
¢579.73, respectively, this morning. The
difference is ¢9.89 for the buy and ¢9.66
for the sell, in one single day.
The exchange rate was at a low of ¢552.95
(buy) and ¢563.07 (sell) on December 1.
Following increased that hit a high of
¢564.18 (buy) and ¢574.54 (sell) on December
7, it has been up and down in between.
Last week the exchange rate had dropped
¢555.57 (buy) and ¢565.84 (sell) on Friday,
down from ¢560 (buy) and ¢570.49 (sell) on
Monday (21).
According to the president of the Banco
Central de Costa Rica (BCCR) - Central Bank,
Francisco de Paula Gutiérrez, the exchange
rate is behaving correctly and within the
high and low bands set by the bank, that the
variations are normal and people should not
make decision in haste.
The dollar began dropping around the
beginning of October, when the dollar was
trading at ¢581.91 for the buy and ¢591.56
for the sell.
Economists say that the variations is normal
for this time of year, as people exchange
dollars for colones to pay their taxes and
aguinaldos, all normal December expenses.
The other reason for the drop, according to
the experts, is that influx of more dollars
in the economy.
The experts say that, once all the natural
forces (taxes and aguinaldo) have passed,
the dollar is expected to start climbing.
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