The recent increase in the price of dollars and the fall recorded on Wednesday are not responsibility of the banks, according to the Costa Rican Banking Association (ABC).
The increase in the demand for foreign exchange originates in transactions from the public and not from the banks, which, according to the regulations of the Central Bank, maintain their own position in foreign currency equal to the level existing on November 30th of last year. Therefore, banks have not been and will not be a source of pressure on the exchange rate,”
said Ronulfo Jiménez, economic advisor from ABC.
The group believes the announcement of the Central Bank is positive because it will intervene in the exchange market to moderate the volatility of the adjustment in the exchange rate and the expectations of its future behavior.
Moreover, ABC believes that changes in external conditions and the persistence of a high fiscal deficit are the central elements that have led to recent increases in the exchange rate and interest rates.