The dollar exchange rate in Costa Rica, the reference for sale, began in 2021 at ¢ 617.30. The figure is ¢ 40.81 higher than the price of the currency with which 2020 began, according to the Central Bank’s records.
The reference exchange rate is the official indicator for commercial transactions that require a currency exchange, according to Article 93 of the Regulation to the Law for the Promotion of Competition and Effective Defense of the Consumer.
On the other hand, in the windows and virtual offices of the banks, the sale exchange rate is quoted in the range between ¢ 618 and ¢ 621. In the Foreign Currency market (Monex), of a wholesale rate, the exchange rate also shows a difference of ¢ 42 at the end of 2020 compared to the end of 2019.
Depreciation of the colon
This depreciation of the colon (around 7%) is explained by several factors; among them, the closure of borders to tourism -to stop the spread of the pandemic- as well as a drop in both exports and investment.
There has also been uncertainty about the government’s financial health and indecision about the possible negotiation of a loan with the International Monetary Fund (IMF). The President of the Central Bank, Rodrigo Cubero, explained that there is a seasonality that has also influenced the currency shortage.
“There are historical behaviors in the course of the calendar. We know that normally between March and October there is a relative drought of currencies and then there is a greater influx, basically due to the harvests (coffee, sugar and cane), the high season of tourism, as well as the payment of payroll and bonuses”, he explained, In his opinion, this factor is already in its “reversal” stage and has been favored by recent border openings that have led to the arrival of foreign visitors.