Holiday brings jump in dollar exchange rate at Costa Rica banks

After a long period of stability the U.S. dollar exchange rate this week showed an upward trend at both public and private banks in the country.

Last week, the exchange rate remained stable at ₡538 for sell and ₡526 for buy. On Monday, however, the price of the U.S. currency began climbing, and on Tuesday, the country’s banks registered rapid increases of ₡4 to ₡8 per dollar.

Costa Rica’s Central Bank on Tuesday reported the official exchange rates at ₡542.47 for selling and at ₡530.47 for buying.

The sell price at state-owned banks remained stable at ₡545, while buy prices varied from ₡532 to ₡535. At private banks, dollar sales reached almost ₡546, and buying ranged from ₡532 to ₡535.

The presence of dollars in the local market generally increases in December as companies in the early days of the month exchange dollar investements into colones to pay taxes, Christmas bonuses and other obligations.

Usually the rate drops once businesses have complied with these transactions.