The Central Bank of Costa Rica shook off criticisms in recent days about the increase in the exchange rate, and noted that there is no preference for stability in the exchange rate.
According to a comment made by Eduardo Prado, Manager of the Central Bank, in the managed float regimeย (which governs the exchange rate today), there are tendencies of both appreciation and depreciation of the national currency on a day-to-day basis.
From February 2, 2015, the BCCR moved to a managed float regime, in which the Bank decides the moment that it will intervene in the foreign exchange market.
Prado indicated that the state institution is never prioritizingย the stability of the currency in reference to the North Americanย dollar.
“It is understandable that some officialsย believeย the volatilityย should be greater, and others think it should be smaller, but what is not correct is to affirm that the BCCR gives priority toย the stability of the exchange rate at any cost,” he added.
Pradoย said that it is not surprising that some sectors are not compliant with the behavior of the exchange rate.
“The purchase of foreign currency and the moderation of appreciationย were unquestioned by those who today make accusations of the BCCR. Congruenceย would indicate that at that time they had asked with equal forcefulnessย a faster appreciation of the currency so that the market forces became apparentย more quickly.
It is not strange that the results of a flexible market do not satisfy all people and sectors, any movement in any direction can be seen in the short term as a benefit to one group at the expense of another,” he said.
According to the general manager, the goalย is to intervene as little as possible to respect market trends.
From March until now, the dollar increasedย ยข8.
Source: laprensalibre.cr