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Dollar Drops ¢14 In One Day
To ¢523
The price of the dollar fell ¢14 colones
yesterday, dropping to a low that not been
seen in over a year, hitting a low of ¢521
for buy and ¢531 for the sell, at some
banks.
The Banco Central de Costa Rica (BCCR)
posted this morning, Tuesday, an exchange
rate of ¢523.05 for the buy and ¢532.59 for
the sell, ¢13.67 and ¢13.9 less,
respectively.
According to economist Alberto Franco,
speaking to Al Día, the reason for the sharp
drop is the difference between the short
term interest rate for savings in colones
and that for dollars.
This difference, says Franco, has led to the
"colonización" of investments.
With the lower demand for the dollar, the
exchange rate drops.
If we look back to the exchange rate in the
last six months, the dollar was trading at
¢585.90 for the buy and ¢595.37 for the sell
on September 17, 2009.
Since then the drop and rise has been sharp
and gradual, with a net drop of ¢62.85 for
the buy and ¢62.78 for the sell.
On March 16, 2009, the exchange rate was
¢561.18 for the buy and ¢570.76 for the
sell, a year earlier, on March 16, 2008, the
exchange rate as ¢492.19 and ¢498.15. |
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