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COSTA RICA |
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Dollar Drops
¢6 Colones Overnight, ¢12 The Week
The US dollar rate by the Banco Central de
Costa Rica (BCCR) was ¢6.43 colones less for
the buy and ¢5.52 for the sell, dropping the
sell rate to ¢569.82 and the buy ¢579.72, a
drop of ¢6.43 and ¢5.52 respectively.
The US dollar has been dropping steadily all
week, bringing the total drop in the four
days to ¢12.29 for the buy and ¢12.11 for
the sell.
Experts say that the drop is due to an
excessive amount of dollars in the market,
due mainly to the Central Bank not selling
dollars on the wholesale market for the last
nine weeks straight.
The BCCR exchange band currently stands at
¢500 for the low and ¢600.45 for the high.
The high and low band are the Central Bank's
mechanism of controlly the currency
exchange, by limiting minimum and maximum
prices that can be traded.
The daily continuous rise in the dollar
stopped in August, fluctuating up and down a
few tenths of a colon each day.
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