In the last two weeks there has been a slight rise, of about six colones, at the banks exchange desks.
However, this rise has not appeared the way it normally does, ie first in the Monex wholesale market, where trading banks and financial institutions do business, and then in the exchange rate offered to the end consumer at exchange desks.
One of the reasons for this unusual behavior, seems to be a time lag that made the dollar price seem higher at the exchange desks at Monex.
In an article in Nación.com "Luis Carlos Mora, CEO of National Bank Financial, said the current rates are normal movements.
‘The Bank had lagged behind the rate of Monex, in previous weeks’, said the official. Mora added that generally the second fortnight of each month is marked by greater demand for dollars. "
Source: Nacion.com
More on this topic
September 2011
In the Monex wholesale market the price of the currency came to 515.29 colones.
Dollar purchases by public agencies appears to be the reason behind the new increase seen in the exchange rate in recent days.
Specifically, the need for dollars by non-banking public entities, from whom the central bank acquires its foreign exchange, was the main reason for the rise, it does not seem to have been affected by other reasons from a macroeconomic point of view that may be impacting on the exchange rate.
February 2009
On Tuesday, the 10th, in the wholesale market (MONEX), the exchange rate reached ¢566.85, surpassing by one colón the set ceiling as determined by the BCCR (¢565.85).
The exchange rate has remained pegged to the upper band in the last few weeks. This situation and the increase in the volume of transactions reflect the resurgence of the demand for dollars.
January 2009
After in the increase in the growth rate of the ceiling of the exchange band, the reference exchange rate continues to be close to the ceiling.
Nacion.com reports: "The weighted average price (considering the amount traded at each exchange rate) of the wholesale market (Monex) at the end of the day was at 562.28 colones per dollar, very close to the ceiling of the band, which was at ¢563,65 yesterday."
May 2008
The recent tendency in the dollar's exchange rate against the Costa Rican colón represents a change that provides an incentive for inversions in the US currency.
History seems to be repeating itself. Many investors betted on a rise in the value of the colón when the exchange rate began to stick on the exchange-rate system's lower band.
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