Exchange Rate On Rollercoaster Ride
Many in
the middle of an exchange transaction were
caught by surprise Friday afternoon with the
sudden and drastic rate change announced by
the Banco Central de Costa Rica (BCCR) -
Central Bank.
The exchange rate market opened Friday
morning with the dollar trading at ¢585.87
and the sell at ¢595.59, some ¢7 colones
higher than the opening of trading on
Wednesday.
Shortly after lunch the exchange rate saw a
sharp drop and by closing at 4:30pm, the
Central Bank posted a buy rate of ¢581.10
and sell of ¢590.61, ¢4.77 colones less than
the morning's opening.
In total us$13.3 million dollars in exchange
was negotiated in the day's trading in the
mercado mayorista" (wholesale market), with
an average drop of ¢6.54 colones less than
the day's average for Thursday.
The wholesale market is where more than
us$1.000 is traded electronically.
On Monday the exchange rate had shown a
strong increase following almost two weeks
of dips.
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