The Central Bank of Costa Rica informed that from January 1st to August 1st 2016, the colón has depreciated 2.4% against the dollar.
According to Roger Madrigal, director of the Economic Division of the organism, several factors have influenced on this depreciation, such as a lower trade surplus.
In addition, foreign currency demand from Non-Financial Public Sectors increased. It was due to a debt and higher oil bill (when compared to the first quarter of the year).
Moreover, there was an increase in imports associated with higher economic growth and lower profits in terms of trade.
The Central Bank declared that it will continue to use foreign exchange reserves in order to avoid abrupt changes in the wholesale dollar.