The exchange rate between the US dollar the Costa Rican colon reached an all time high yesterday, the Banco Central de Costa Rica (BCCR) setting the sell at ¢567.94 and the buy at ¢558.18. The exchange rate a little over two weeks ago, on January 31, was ¢558.18 for the buy and ¢555.51 for the sell.
Yesterday afternoon the state and private banks were trading in the currency at between ¢567 and ¢569 for the sell and ¢557 and ¢562 for the buy.
Although the president of the Central Bank, Francisco de Paula Gutiérrez, says that the bank does not forecast the trading of the dollar, economists feel that the dollar will continue to rise in the exchange of the colon.
One economist, Roxana Morales, of the Universidad Nacional (UNA) says that the trend will continue, due to a decrease in exports and a decrease of tourists visiting Costa Rica.
However, no one will predict how high it will get or if the Central Bank will, as it has in the past, intervene.
One year ago, February 17, 2008, the Central Bank sell was ¢493.45 and the buy ¢499.12. A decade ago - February 17, 1999 - the BCCR the exchange rate was ¢275.52 for the sell and ¢274.95 for the buy.
For a complete list of the history of the exchange rate set by the BCCR go to:
http://indicadoreseconomicos.bccr.fi.cr/IndicadoresEconomicos/Cuadros/frmVerCatCuadro.aspx?CodCuadro=400&Idioma=1&FecInicial=2008/01/01&FecFinal=2009/02/17&Filtro=0
By: Inside Costa Rica (Original here)