• Costa Rica Real Estate
  • Costa Rica Real Estate Auction

Dollar exchange rate reaches highest price in seven years

May 19, 2017

The exchange rate of the Costa Rican colón against the dollar reached ₡581.90 (to sell) and ₡569.26 (to buy) on Thursday, the highest since January 2010.

The new record stood for only a day: on Friday, the Central Bank of Costa Rica (BCCR) reported a ₡583.37 / ₡570.71 price, the new seven-year high.

Since the start of the year, financial markets have predicted that the colón this year would face increased pressure to dip against the dollar. Central Bank officials have attributed the upward trend this year mostly to external influences, including uncertainty over economic measures issued by the new administration of U.S. President Donald Trump and to the U.S. Federal Reserve’s decisions about its base rates.

The Central Bank earlier this year reported that the exchange rate depreciated by 3.4 percent in 2016, and that the figure for this year could be very similar.

Solís will not intervene

President Luis Guillermo Solís said Thursday said at a public event in San José that he trusts the way the BCCR is handling the exchange rate of the dollar. He said the bank is “an autonomous agency outside political decisions” and noted that he has never intervened in the face of abrupt changes in the exchange rate.

“The whole country witnessed that I’ve said the Central Bank has all necessary instruments for properly handling currency policies, even at times when the dollar recorded its lowest prices,” the president said.

Solís also ruled out meeting with BCCR officials to intervene in their exchange rate policies.

“I’m not going to meet with any bank officials. If I do, people will say that I am manipulating their decisions. I trust Central Bank officials,” he said.

You may be interested

Pura Vida in Costa Rica: Part 3 of 3
Travel & Tourism
164 views
Travel & Tourism
164 views

Pura Vida in Costa Rica: Part 3 of 3

Ed Boitano / Traveling Boy - November 20, 2019

Travel writer Ed Boitano recently spent some time in Costa Rica. He chronicled his experiences at the publication Traveling Boy. …

Volaris freezes growth in Costa Rica, citing high operating costs
Business
49 views
Business
49 views

Volaris freezes growth in Costa Rica, citing high operating costs

Alejandro Zúñiga - November 20, 2019

Enrique Javier Beltranena Mejicano, the CEO of Volaris, says the low-cost airline plans to "freeze growth in Costa Rica" in…

Spanish airline Evelop will offer flights to Costa Rica in 2020
Costa Rica
64 views
Costa Rica
64 views

Spanish airline Evelop will offer flights to Costa Rica in 2020

Alejandro Zúñiga - November 20, 2019

Spanish charter airline Evelop will offer flights between Madrid and Costa Rica starting in June 2020, the Costa Rican Tourism…

Do NOT follow this link or you will be banned from the site!