The exchange rate of the dollar stabilized in the banks following the Central Bank’s intervention between May 14th and June 9th. However, the figure is ¢10 higher than in April.
According to an analysis by Cathay Bank, after the management of the monetary authority, banks saw an increasing demand for dollars. In May it accumulated $250 million, but as of June an excess was observed.
This stabilization was expensive, according to Cathay’s analysis, since there was a strong loss of reserves of $ 410 million between May and June.
Exchange rate expectations have also played an important role in inflationary expectations, hence the intervention of the Central Bank in both monetary and exchange policy.
As a result, dollar deposits continue to be transferred to colones, as they have been doing in the last year.
On Tuesday and Wednesday, the Central Bank resumed stabilization interventions in the Foreign Currency market (Monex), with the sale of $ 12.6 million.
Likewise, the average exchange rate in this market increased by ¢2.78 in three days, without reflecting changes in the banks.