The price of the US dollar in Costa Rica reached 600 colones per dollar on October 11, and this October 30 it closed at the highest price so far 616 colones per dollar in some banks.
The currency exchange can be found between 613 colones to 616 depending on the banking institution.
The Central Bank informed it will raise the reference price to 610 colones this Wednesday, October 31, which will likely cause another rise in the price at the rest of the banks.
The high demand for the currency in comparison to the available offer is what cause this price fluctuation, last week it was reported that the sale of dollars to the public was of over $83 million.
“In a regimen of managed float like the one that exists in the country since February 2015, the exchange rate fluctuates and responds to the conditions of the offer and demand that exist in the exchange market. Under this regimen, the Central Bank does not take on any position with a particular value of the exchange rate. However, the Central Bank intervenes in the market with the purchase and sale of currency with the purpose of ensuring an ordered process of formation of prices and to avoid violent movements in the exchange rate”, explains the Central Bank.
“In the recent months there has been less availability of dollars in the Costa Rican market. In addition to a pattern of the season that characterizes the exchange rate market and that reduces the availability of dollars this time of the year and the influence of the difficult fiscal situation”.
The currency exchange can be found between 613 colones to 616 depending on the banking institution.
The Central Bank informed it will raise the reference price to 610 colones this Wednesday, October 31, which will likely cause another rise in the price at the rest of the banks.
The high demand for the currency in comparison to the available offer is what cause this price fluctuation, last week it was reported that the sale of dollars to the public was of over $83 million.
“In a regimen of managed float like the one that exists in the country since February 2015, the exchange rate fluctuates and responds to the conditions of the offer and demand that exist in the exchange market. Under this regimen, the Central Bank does not take on any position with a particular value of the exchange rate. However, the Central Bank intervenes in the market with the purchase and sale of currency with the purpose of ensuring an ordered process of formation of prices and to avoid violent movements in the exchange rate”, explains the Central Bank.
“In the recent months there has been less availability of dollars in the Costa Rican market. In addition to a pattern of the season that characterizes the exchange rate market and that reduces the availability of dollars this time of the year and the influence of the difficult fiscal situation”.
