Costa Rica Coffee Guide

Colón to Gain Value Against Dollar

November 23, 2007

The Central Bank made a surprise move Wednesday night of dropping the floor of its “crawling band” exchange-rate system by 4%, or 20 colones.

Technically, that means the colón’s value against the dollar has a wider space to fluctuate in the Costa Rican market without the Central Bank intervening to influence it by buying or selling dollars.

Practically, however, it means the value of the colón will likely go up against the dollar, as the colón has been pushing against the floor of the band for some time, and a drop in that floor means the colón is likely to follow.

Central Bank president Francisco de Paula Gutiérrez said he expected exchange rates to vary – possibly widely – from bank to bank while the market adjusts to the change.

As of press time, Banco Nacional was buying dollars at 495 and selling them at 500, while private bank BAC San José was buying dollars at 497.37 and selling them at 512.

 

You may be interested

U.S. Southern Command delivers hygiene supplies to Costa Rica’s Education Ministry
Costa Rica
3729 views
Costa Rica
3729 views

U.S. Southern Command delivers hygiene supplies to Costa Rica’s Education Ministry

Alejandro Zúñiga - October 24, 2020

The United States Southern Command delivered a significant donation of hygiene supplies to Costa Rica's Education Ministry (MEP) in a…

Costa Rica begins new dialogue in search of solution to serious fiscal crisis
Costa Rica
22041 views
Costa Rica
22041 views

Costa Rica begins new dialogue in search of solution to serious fiscal crisis

AFP - October 24, 2020

Costa Rica on Friday opened a dialogue with many sectors of the country in search of an agreement to overcome…

‘Hasta siempre, doctor Solís’: Costa Rica mourns doctor’s death
Costa Rica
15697 views
Costa Rica
15697 views

‘Hasta siempre, doctor Solís’: Costa Rica mourns doctor’s death

The Tico Times - October 23, 2020

Jaime Solís, a 54-year-old doctor who worked for the Costa Rican Social Security System, is among the more than 1,200…