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Exchange Rate To Move To
"Floating Rate", Said President-Elect
Chinchilla
President-elect, Laura Chinchilla, said on
Wednesday that the exchange rate will move
from the current policy of bands to a
floating rate system.
The floating system would eliminate the
upper and lower band that is now in use and
the Banco Central (Central Bank) can
intervene when it considers it necessary.
The president-elect did not say when the
change would take place, nor how long the
transition will take.
Chinchilla's comments came after the dollar
dropped to a low of ˘518 colones to one US
dollar on Monday, slowly recovering to this
morning's ˘532 posted by the Banco Central.
Many are calling for a "dollarization" of
the economy, a position that would greatly
benefit the Costa Rican economy according to
experts.
The president-elect said that the bands
system helped sustain inflation in the
country. |
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