Beginning on Tuesday, new methodology for the calculation of reference exchange rates (purchase and sell), as announced by the Central Bank of Costa Rica, begins to govern.
The exchange differential on July 4th will be ¢ 7.07, which means a reduction of ¢5.95 compared to its close on Monday.
With the change the reference exchange rate will more appropriately approximate the weighted average exchange rate of all exchange transactions in the economy, collecting the amounts in all the currency trading segments of the currency intermediaries (Monex, etc).
As a consequence of the use of the new methodology, the differential between average purchase and sale exchange rates is lower.
The variation in methodology is authorized under Article 48 of the Organic Law of the Central Bank of Costa Rica, which stipulates that the entity is required to estimate the reference exchange rate of purchase and sale.
The exchange rate of reference is the average price of the exchange intermediaries for the sale and purchase of dollars. In the national territory there are a significant number of transactions linked to that commercial cash value.
The new methodology takes into account the exchange rates effectively negotiated over a longer period of time, in which the traded volumes are larger. The modification is favored by the fact that the Central Bank now has online information on exchange transactions carried out with the public.