Exchange Rate Comes Down to 575 Colones per Dollar

According to Some Analysts, the Exchange Rate Might Continue to Fall Due to Different Market Pressures

Few days ago, the exchange rate reached ¢ 575.55 per US$. It represents a fall of almost ¢ 35 if compared to the exchange rate at the end of last year, in the wholesale market Monex. With this, the international currency reached its lowest point since September 2018.

Colones banknotes

In recent weeks, some analysts have talked about the potential for the exchange rate to continue to fall under different market pressures. For example, the Acobo Financial Group expects the exchange rate to show downward pressures during the 2nd semester.

“International interest rates remain stable or could go down, discouraging the exit of dollars; the credit in this currency will not grow as in the past, the imports will not recover due to the little dynamism of the economic activity, and the market will show surplus of foreign currencies given the entrance of resources of the outside (Eurobonds, loans)”, consider the analysts of Acobo.

The analysts of BAC Credomatic considered that it would remain close to the current level and that it has the potential to go down a bit more towards the end of the year.

“Product of the deposits made by the Government during 2019, in addition to the flow and expectations associated with the placement of Eurobonds and multilateral loans, one would expect the exchange rate to remain close to current levels or even with a slightly later appreciation towards the end of the year”, said Laura Moreno, vice president of corporate relations at BAC.

SOURCEChristine Jenkins
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