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COSTA RICA |
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Drop
In Dollar Continues, But Not As Steep
The downward spiral of the US dollar against
the Costa Rican Colon slowed down yesterday
with a slight fall in the rate as compared
to the more than ¢12 colones drop this week.
The buy are for $1 US dollar today is
¢553.34 and the sell ¢563.58. The rate was
¢569.28 and ¢579.12, respectively, one week
ago Thursday, coming down from a high of
¢585.87 and sell ¢595.59 on September 18.
Contrary to the past few days, financial
institutions moved only slightly their
exchange rates.
The reason for the drastic fall of the
dollar is blamed on there being too many
dollars in the market and the practice of
many businesses to hoard colones to pay
taxes and the aguinaldo in December,
dropping the demand for the foreign
currency.
Affected most by the drop are those earning
in dollars, having to convert to colones to
pay for their expenses.
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