On Thursday, the exchange rate exceeded ¢600 in commercial banks. At 10.15 a.m., the CMB Bank (Citi) was the first to offer the currency at ¢602.
Since mid-September the country has seen a series of increases in the exchange rate, a behavior the Central Bank justified as a “seasonality”. However, financial analysts say that some of the possible factors that would be causing it include:
-Uncertainty about the economic direction of the country (fiscal situation),
-Greater exchange flexibility,
-Protection of wealth due to expectations of greater depreciation of the colon.
During the first 10 days of October, the Central Bank sold a total of $26.3 million in stabilization operations.
On Thursday morning the Foreign Currency Market (Monex) initiated the quotes of the currency at ¢ 596.50.
According to data provided by the General Superintendence of Financial Institutions (Sugef), about 70% of the loans in dollars are in the hands of people and companies that do not generate income in foreign currency. These loans are exposed to foreign exchange risk.