No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeArchiveExperts: Costa Rican exchange rate to remain near ₡500 through year’s end

Experts: Costa Rican exchange rate to remain near ₡500 through year’s end

As the third quarter draws to an end and mandatory year-end bonuses approach, Costa Rica’s exchange rate is expected to remain near the ₡500 to the dollar mark for the rest of the year, experts said.

Last August, Costa Rica’s Central Bank purchased some $70 million to keep the exchange rate from falling below the lower band limit of ₡500.

Economic analyst Hairo Rodríguez said in an interview with Radio Reloj that “many companies will start exchanging dollars into colones to meet their tax obligations and to prepare for the payment of year-end bonuses.”  That means that dollars “will saturate the market, and this will force the exchange rate to remain in downward trend,” he added.

In the first week of September, a report from Aldesa Securities Group for the weekly El Financiero, said the Central Bank bought another $19 million for the same reason.

Despite this, a survey of experts by the Central Bank this month predicts a colón devaluation ranging from 1.5-1.9 percent for the next three to six months.

Popular Articles

Costa Rica Faces Uncertainty as U.S. – China Tariff War Escalates

The escalating trade war between the United States and China is creating significant uncertainty for Costa Rica’s export-driven economy. This month the U.S. imposed...

Costa Rica Grapples with Rising Crime: San José Robberies Surge

Robberies remain a persistent issue in San José, with the Judicial Investigation Agency (OIJ) reporting over 5,000 cases annually in 2022 and 2023, a...

Theft in Costa Rica: A Local Expat’s Personal Experience

If you follow the news in Costa Rica with any degree of regularity, you’ll know that crime is in the zeitgeist. As with any...
Avatar
spot_img
Costa Rica Tours
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait

Latest Articles