He colón exchange rate against the dollar continued its downward trend. This Monday it reached a new historical low in the Foreign Currency Market (Monex).
The price of the currency closed at ¢460.59which represents a decrease in ¢1.24 regarding the ¢461.83 on Friday, April 10.
The price level of the dollar this Monday, April 13 is the lowest on record since the beginning of the historical series of the Central Bank of Costa Rica (BCCR), on December 6, 2007.
During the day this Monday, 228 transactions totaling $99.5 million, higher than the 193 transactions and $40.4 million last Friday.
This is the fifth consecutive session with the price falling. Since April 7, the price of the dollar has fallen ¢4.58 according to Central data.
The minimum price recorded on this day was ¢458 per dollar and the maximum was ¢461.50.
Intervention increases
This Monday the BCCR intervened again in Monex in order to avoid a more pronounced fall in the currency. The institution acquired $87.7 million of the $99.5 million negotiated this Monday.
The entity purchased $35.3 million through stabilization operations, almost triple the purchases he made the previous Friday, for $13.6 million.
The Central Bank also acquired $51.8 million for the Non-Banking Public Sector (SPNB), that is, for state companies such as the Costa Rican Petroleum Refinery (Recope) or the Costa Rican Electricity Institute (ICE). This data is higher than the $21.6 million on Friday, April 10.
Economist Vidal Villalobos told La Nación this Friday that market cyclicalities and expectations are being brokendue to the dynamism in the free zone regime.
Furthermore, he highlighted the sale of Fifco to the Heineken brand. “This company had to pay taxes to the Treasury, which generated a non-recurring supply (of dollars) in the market.”
Villalobos also cited the eurobond issue of the Ministry of Finance in the domestic market, as another factor in the increase in the supply of dollars.
At 2:10 pm this Monday the price of the currency was offered at ¢468 in the three public banks, while in some private banks it was offered between ¢468 and ¢470.
