The proposal of the Central Bank to modify the calculation of the reference exchange rate would not translate into large variations in the price of the dollar.
This change in methodology may reflect a type of change more in line with what happens in the windows and the economy, but its value will not change much,”
said Emmanuel Agüero, specialist in Economic Analysis from Aldesa.
With the new methodology, the daily calculation would take into account the transactions that are made of buying and selling dollars during a period of six hours, in which the volumes traded are greater and the differential between average exchange rates of buying and selling is lower. At present, the term used for the calculation is three hours.
Agüero explained that in terms of savings and debts, financial institutions will continue to charge their exchange rate to the public, as they usually do, so it should not have a very significant impact.
On the other hand, when negotiating contracts (rent, purchase of lots, etc.) with an exchange rate that uses the reference of the exchange rate of the Central Bank, this will benefit from the change.
Banking institutions will analyze the possible scenarios of the proposed modification before issuing criteria.
The regulations were only received in consultation so we analyze the scope of the provisions and the impact on banking entities; Both tasks are performed by the technical team that attends to this topic and based on this will assume the trade union position,”
said María Isabel Cortés, executive director of the Costa Rican Banking Association.
According to the Central Bank, the change will benefit individuals and companies, as there are a significant number of transactions that adhere to these quotes, including small amounts.