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COSTA RICA |
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Dollar Drops Almost ¢9 Colones Overnight
The Us dollar dropped almost ¢9 colones
overnight, dropping to ¢554.38 for the buy
and ¢563.23 for the sell against the Costa
Rican Colon. The exchange rate on Tuesday
was ¢564.39 and ¢573.03, respectively,
dropping ¢8.64 colones overnight, as
published by the Banco Central de Costa Rica
(BCCR).
It was evident before the banks closed for
business on Tuesday that a sharp drop was
coming overnight, when some banks, like
Scotiabank, were posting their rates at ¢554
for the buy and ¢562 for the sell.
The dollar has dropped more than ¢30 colones
since the middle of September, when the buy
was ¢585.87 and sell ¢595.59 on September
18.
The BCCR (Central Bank) says the changes are
based on supply and demand, based on the
excess or lack of dollars in the market.
Today's exchange rate is slight above the
rate on November 11, 2008, when the buy was
¢551.18 and the sell ¢560.98.
Experts say that the fall could continue as
more dollars in the market place and lower
demand means a drop in price. Other experts
say that this could also be a sign of a
permanent condition, while others say that
there could be greater volatility in the
coming weeks that in the past eight months.
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