Wednesday marked the third consecutive day of a decreased exchange rate in the Foreign Currency Market (MONEX), where the wholesale operations are quoted.
At noon, the average exchange rate was around ¢ 600.05, which means the price of the currency dropped ¢9 that it had accumulated the previous week.
According to economists consulted by CRHoy, the green light to the process of the tax reform that the Constitutional Court gave last Friday night has brought calm to the exchange market, where the demand for foreign exchange had been growing.
There is also an increase in the supply of foreign currency, which is traditionally manifested during this time of year, as a result of the inflow of foreign currency for the payment of taxes and salaries.
On November 6th, the average exchange rate in MONEX reached a historic high at ¢628.50. In the banks it went up to ¢638. This Wednesday, however, the banks offered the currency from ¢606 to ¢609.