The Central Bank of Costa Rica intervened in the exchange market on Wednesday by selling $31.15 million to stabilize the exchange rate in the face of an increase in the demand for foreign exchange.
According to data from the Foreign Currency Market (MONEX) said amount is equivalent to 95% of the traded total, and the highest so far this year for a single day of intervention.
After concluding the session, the exchange rate in MONEX registered an increase of ¢ 2.22.
Leiner Vargas, an economist at the National University, believes the intervention is a direct consequence of the announcement made on Tuesday night by the Ministry of Finance and the Central Bank regarding the emission of Treasury Bills for ¢498 billion.
Luis Diego Herrera, analyst of the trading firm Acobo, confirmed that the market experienced greater pressure on the demand for dollars, which was taken care of by the Central Bank to avoid a high variation in the price of the foreign currency.
Additionally, the Bank provided $17 million to the non-banking public sector outside the wholesale market. This type of operations prevent purchases of large state companies (such as ICE or RECOPE) from impacting the exchange rate in the face of foreign currency needs.