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COSTARICANEWS
| Thursday 02 September 2010 |
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Costa
Rica's
Central
Bank to
Buy $50
Million
a Month
In
Currency
Market
(Bloomberg)
- Costa
Rica’s
central
bank
plans to
buy as
much as
us$50
million
a month
in the
foreign-exchange
market
in a
move
that
analysts
say is a
bid to
stem a
rally
that’s
sent the
colon to
a
two-year
high.
The
colon
has
surged 7
percent
in the
past
three
months
and
touched
˘504.75
per
dollar
on Aug.
31,
leaving
it
within 1
percent
of the
stronger
end of
the
˘500-to-˘645
band
that the
central
bank
seeks to
keep the
exchange
rate.
The
colon
weakened
0.4
percent
to
˘508.27
today,
its
biggest
slide in
six
weeks,
after
the bank
said in
the
statement
that it
will buy
up to
$600
million
in the
market
by
December
2011.
The
colon
reached
“a level
that may
have
been
deemed
as too
close
for
comfort
by the
central
bank,”
said
Alberto
Franco,
a former
Costa
Rican
central
bank
director
who is
an
economist
with
Ecoanalisis,
a
financial
consultant
group in
San
Jose.
The
purchases
could
begin as
soon as
today,
the
central
bank
said in
a
statement
dated
Sept. 1
on its
website.
The bank
said the
goal of
the
purchases
is to
bolster
its
foreign
reserves.
The
colon
has
surged
11.2
percent
this
year
against
the
dollar,
the
second-best
performance
in the
world
after
the
Colombian
peso,
according
to data
compiled
by
Bloomberg.
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Costa Rica's Daily English News
Source
Apdo. 2133-1000, San José, Costa
Rica
Tel: (506) 2231 3205 / (506) 8399
9642
Fax: (506) 2232 6337
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