Dollar Drops
˘15 In A Single Day
The U.S.
Dollar depreciated in
value against the Costa
Rican Colon a total of
almost ˘16
in one single day,
˘26 for the week,
at the banks on Friday.
The wholesale exchange
rate at the Banco
Central de Costa Rica (BCCR)
- Central Bank - opened
yesterday morning at
˘540.99 for the
buy and
˘550.75 for the
sell. The rate by early
afternoon had dropped to
˘525.22 and ˘536.75,
respectively, for a
difference of ˘15.77 and
˘14, in one single day.
Customers of the private
bank, Scotiabank, for
instance, were
dumbfounded when the
morning rate for the buy
posted at the bank's
website was ˘535 , down
from ˘539 the night
before, and ˘530 at the
counter an hour after
the bank doors opened.
The same was at the
other private banks and
the state banks like the
Banco de Costa Rica (BCR),
although the numbers
differed a Colon or two
from institution to
institution.
But by early afternoon
the dollar exchange rate
at the various banks had
dropped even further, it
hit ˘525, a difference
of more ˘10 colones from
the opening bell, ˘15
from the close of the
night before.
The Central Bank was
quick to respond to
changes in the
"reference rate",
setting the buy at
˘525.22 and sell at
˘533.75. The opening
rates were ˘540.99 and
˘550.75, respectively.
A week ago (Friday 21
November), the Central
Bank reference rate was
˘551.52 for the buy and
˘561.27 for the sell, a
difference of ˘26.3 for
the buy, and if we
go back one week more,
the difference is ˘29.9.
Financial experts say
the low consumer demand
due to the world
economic crisis means a
lower demand for the US
currency and that many
employers convert their
dollars into colones to
pay the annual "aguinaldo"
or Christmas bonus.
Another factor playing a
role in the depreciation
of the dollar is the
that the drop in the
price of crude oil on
international markets
means the Central Bank
not requiring the higher
volume of dollars to
Recope to make its
purchases.
Central Bank officials
say there is no need for
alarm, this is a
seasonal adjustment, and
the dollar may
appreciate come the new
year, once the Christmas
season is over.
The downward change
affects mainly those who
earn in dollars or have
their savings in the US
currency and tourists.
It will take more
dollars to purchase the
colon, while for those
with earnings and
savings in colones, they
will benefit, as it
takes less colones to
purchase dollars. |
