American Expatriate Costa Rica

Dollar exchange rate reached ¢599

The dollar exchange rate reached ¢599 on Wednesday in commercial banks, a figure that hadn’t been seen since May 23rd, 2017, when it reached ¢600 for the first time.

At 1 pm on Wednesday, this was the sale price in the banks Davivienda, BCT, Improsa, CMB, Promérica and Cathay. The BCR offers 50 cents less per dollar, and the rest of the banks have it at ¢598.

Since mid September, the exchange rate started a rally of increases that has not stopped.

In previous days, the Central Bank authorities indicated that traditionally there is a “drought” of currencies at this time of year, which is why it is considered a seasonality.

During the first nine days of October, the Central Bank sold $24 million in stabilization operations.

Nearly 70% of the loans in dollars of the National Financial System are in the hands of individuals and companies that are not generators of foreign currency, according to data provided by the General Superintendence of Financial Institutions (SUGEF). That is, they are loans that are exposed to a foreign exchange risk.

crhoy.com