The Exchange Rate of USD to Colones Soared to 526 Colones YesterdayThe Costa Rica News (TCRN) – The price of the dollar rose yesterday to 526 colones, which is the highest devaluation of colones in the last two years.

The authorities of the Chamber of Commerce of Costa Rica (CCCR) have reported that the rise in the dollar price of 6.55 colones yesterday is somewhat seasonal and is mainly due to the uncertainty in the markets because of  the presidential election.

Llobet Francisco, president of the group, said that this behavior is temporary, because nobody knows what will happen with the economic policy. That causes people to hold on to their dollars until there is a clear plan of action.

“The rates of the government are stable, not to mention the fiscal deficit and purchases made by the State in dollars are normal, so there are no indicators to signal that the exchange rate will plummet more,” said Francisco.

When asked how this change affects the public, Llobet said that all imports that come with a higher dollar price which increases the cost of goods and that cost is passed on to the consumer.

The Costa Rica News (TCRN)

San Jose Costa Rica