Costa Rica Coffee Guide

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

 

You may be interested

Sloth Sunday: Awarding the top sloths of the 2020 Ironman Games
Sloth Sundays
1943 views
Sloth Sundays
1943 views

Sloth Sunday: Awarding the top sloths of the 2020 Ironman Games

The Tico Times - October 25, 2020

Over the last five days, sloths at the Toucan Rescue Ranch have participated in grueling tests of strength and endurance…

‘It’s wonderful’: Panamanians return to beaches after pandemic closure
Latin America
1581 views
Latin America
1581 views

‘It’s wonderful’: Panamanians return to beaches after pandemic closure

AFP - October 25, 2020

The Panamanian government on Saturday reopened beaches to tourists after they had been closed for seven months to prevent the…

How to Pair Coffee and Chocolate from Costa Rica
Coffee
8 views
Coffee
8 views

How to Pair Coffee and Chocolate from Costa Rica

STEVEN HODEL - October 25, 2020

If you have ever been to Costa Rica or thought of taking a trip there, you have likely heard about…