A drop in the price of oil, the increase in the inflation rate, the attractiveness of interest rates for investors to invest their dollars in the country, as well as the increase in tourism and the approval of Eurobonds have generated an impact on the value of the dollar in Costa Rica, which causes the exchange rate to tend downward, due to the excess supply of foreign currency.And it is that as of yesterday, the banks registered maximum sales prices of ¢537 per dollar and minimum values of ¢531.
Given this scenario, sectors such as exporters, tourism, businessmen and citizens who receive their income in dollars are the most affected by this downward trend, since their source of income is in dollars and their costs and expenses are in Colones.
To deal with the exchange rate, experts advise the following to make the most of your income:
• Make savings in dollars:
This to prevent a greater impact when the exchange rate increases, precisely because of the volatility of the currency, so that it does not affect you so much in the commitments you are acquiring.
• If you have a loan in dollars:
It is ideal to make one or more extraordinary payments, because if the principal of the debt decreases the interest as well. This will benefit you in the future, since you will get out of debt sooner.
• If your source of income is not in foreign currency:
It is time to make a reserve in dollars at the cheap exchange rate so that when you have to acquire them in the future and the exchange rate increases for some reason, you have a reserve of money in case of emergency.
• If you are thinking of moving your credit to the local currency:
It is also a good time to make the change, now that the price is falling.
• Make daily cash flows, in such a way that you can determine what is the need and what will be your money inflow:
Try to use resources in Colones, reserve the dollars and look for the entities where they receive the dollars with a higher price.
• Transfer the price of your products or services to the local currency:
In this way, the impact of the reduction in Colones that you are receiving due to the reduction in the value of the exchange rate will be offset.
Choose to be thrifty
“It is recommended to prepare cash flows or income and expense budgets to assess how far you could save, buy dollars or apply extraordinary payments to their debts, to deal with this type of situation,” said the experts.
