The price of the dollar against the colon was quoted today in the Foreign Currency Market below ¢518.5, the lowest figure in the last ten years.
Among the five reasons why this is happening are explained by Daniel Suchar, financial analyst.
1) The interest rate charged on savings is very high
2) There is an abundance of dollars in the exchange market and at the same time high international monetary reserves that closed this week at $14 billion
3) There are many deposits in colones in the process of maturation (term deposit certificates are very active and we still have to wait for them to expire in a few months)
4) International Interest rates continue to be high, but in Costa Rica, they continue to be more attractive
5) The arrival of tourists is greater than expected, as well as more exports and foreign direct investment, mainly in construction: Guanacaste and the Central Pacific.
Pros and cons
This low price benefits some sectors and harms others, for example, those who have debts in dollars can advance installments.Consider purchasing durable goods in dollars, such as automobiles, since their price has decreased in terms of colones.In addition, importing companies can benefit from lower prices on imported consumer goods in dollars, increasing their capacities or reserving profits.