Dollar Falls – Drops Below ¢500

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    TCRN Staff

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    Last week the dollar exchange dropped to its lowest level in the last two years, as of September 20, 2010: Central Bank, BUY ¢ 496.93, SELL ¢ 507.15

    There is speculation that the Banco Central de Costa Rica (BCCR) – Central Bank – may lower the band. And in this framework announcing that it is willing to buy all currencies offered at the low end of the exchange band.

    This year the dollar exchange has been up and down like a yo-yo. During the past two weeks we have seen the dollar rise and drop as much as ¢21 colones

    Costa Rica’s central bank plans to buy as much as $50 million a month in the currency market in what 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. The central bank said in a statement it will buy up to $600 million in the market by December 2011.

    Right now the concern is not only the loss in purchasing power, but more important the inability to predict the rate.

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