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Colón Reaches Low; Central Bank Dumps $$

May 30, 2008

The colón reached an all-time low at the end of last week against the dollar, which cost 527.82 colones to buy and was fetching ¢520.63.

Since then, the national currency has crept back in value.

Wednesday’s exchange rate published by the Central Bank was ¢516.37 to buy a dollar and ¢522.88 to sell a dollar.

In response to the plummeting value of the colón, less than 500 of which were needed to buy a dollar a few weeks ago, the Central Bank sold dollars to ease pressure on the national currency. It was the second time in the same number of weeks the bank had made such a move.

The Central Bank did not divulge information on the amount of dollars sold or their going price on Monex, the market in which financial institutions, including the Central Bank, trade currency.

Wobbly economic fundamentals – such as exports, imports or foreign investment – are not the cause of a weakening colón, the Central Bank stated in a press release.

The bank instead pointed to expectations of currency traders as the major reason for the colón’s decreasing value.

–Leslie Friday

 

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