Dollar Drops Below
˘550, Lowest In A Year
The yo-yo dollar/colon exchange rate
continues with a drop of ˘6 colones
yesterday with dollar hitting a low of
˘546.50 colones for the buy per each us
dollar, the lowest in the last 13 months.
This morning (Friday) the Banco Central de
Costa Rica reference rate posts a buy of
˘546.50 and a sell of ˘556.56, falling
steady all week from a high on Monday of
˘556.60 and ˘566.54, respectively, dropping
˘10 in less than a week.
The last time the exchange rate was this low
was in December 05 2008, when it traded at
$552.83, when it began its upward climb
reaching ˘574.54 on December 5, 2009, and a
high of ˘586.31 colones at the beginning of
last November.
Some say the drop is related to the action
of companies converting their dollars to
colones to pay salaries, more specifically
the large number of international companies
in Costa Rica importing dollars and
converting colones, to finance their
operations.
The low dollar benefits those who companies
and individuals, like importers or have
loans in dollars or need the currency if
planning a trip out of the country, as it
takes less colones to buy dollars.
On the other side, the low dollar affects
those individuals and companies who get paid
or save in dollars and spend in colones.
Many foreigners living in Costa Rica fall in
that, as they receive foreign payments, like
pensions and other income, as well as
habitually save in dollars. |
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