No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeTopicsExpat LivingCosta Rican Currency Market Shows Steady Dollar Decline

Costa Rican Currency Market Shows Steady Dollar Decline

The start of 2025 has been marked by a drop in the exchange rate. On Monday, the average worth of each dollar hit ¢508.82, while on Tuesday it was ¢507.98. In the meantime, on Wednesday, January 8, the value of each dollar fell once more to ¢505.98. Based on information from the Central Bank of Costa Rica (BCCR), there were 156 transactions on Wednesday, amounting to $27,369,000 in total trades.

In public banks, the dollar’s selling price fluctuates between ¢510 and ¢513, whereas the buying price varies from ¢499 to ¢496. Private banks offer the currency at rates ranging from ¢511 to ¢521 and purchase it at rates between ¢493 and ¢497.Economists agree that the exchange rate in Costa Rica will remain close to current levels, with no significant fluctuations, in the initial months of 2025.

Central Bank Defends its Actions

The BCCR stands by its strategy and policies, regardless of comments made by the International Monetary Fund (IMF). In December last year, the Executive Board of the Fund finalized an assessment of the Costa Rican economy and published the findings. The primary suggestions were directed to the Central Bank. The global organization advised the bank to restrict its operations in the foreign exchange market, intervening solely in scenarios of instability.

The BCCR stated that the legislation provides it with extensive authority to engage in the foreign exchange market. Conversely, the IMF recognized that the bank has suitably relaxed its monetary policy. Nonetheless, it suggests that the Monetary Authority should be ready to reduce interest rates even more as part of its proactive, data-informed strategy.

The BCCR announced that it has decreased rates by 500 basis points since March 2023 (from 9% to 4%). On the last Thursday, December 19, during the concluding Monetary Policy meeting of the year, the Central Bank’s Board of Directors decided to leave the Monetary Policy Rate (MPR) at 4%.

According to the IFM, Costa Rica’s economy is strong and growing at a stable rate. The report also pointed out the country’s solid labor market, which has contributed to the reduction of poverty and inequality.

Trending Now

Costa Rica President Confronts Calls to Strip Immunity

Costa Rican President Rodrigo Chaves denounced today an “attempted judicial coup” as he appeared before a congressional committee that must recommend to the full...

San Jose Airport Achieves Top 5 Global Ranking in Passenger Experience

Juan Santamaría International Airport in San Jose, Costa Rica's main gateway managed by AERIS, has earned the prestigious Level 5 Customer Experience certification from...

Former Costa Rican President Miguel Ángel Rodríguez Faces Trial

Miguel Ángel Rodríguez, who served as Costa Rica’s president from 1998 to 2002, returned to court on today, to face charges in the so-called...

FBI Recordings Reveal Costa Rica Ex-Minister Celso Gamboa’s Drug Ties

Costa Rican authorities continue to hold former security minister Celso Gamboa in custody as U.S. officials push for his extradition on drug charges. Recent...

El Salvador Schools Enforce Military-Style Uniform Inspections

El Salvador's public schools will start enforcing daily inspections for students' uniforms and haircuts from August 20, as ordered by the new education minister,...

End of Air Canada Strike Brings Relief for Costa Rica-Bound Passengers

Air Canada flight attendants ended their strike Tuesday after reaching a tentative agreement with the airline, paving the way for flights to resume gradually....
spot_img
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica