Devaluation of Colón Has Slowed This Year

July 2, 2004

THE rate of devaluation of the CostaRican colón against the U.S. dollar decreasedduring the first five months of this year.During 2003, the colón fell at a rate of11%. But as of May, it was only droppingat a rate of 9.9%, La Nación reported. Inother words, devaluation had been ¢0.16per day against the dollar, but it’s currentlyonly at ¢0.10.One element that contributes to this tendency,analysts said, is that the U.S. dollarhas recently decreased in value against theEuro and the Japanese Yen, the paperreported.If the country’s current economic conditionsremain stable, analysts say, thedevaluation of the colón could stop at9.13%, which would make one U.S. dollarequivalent to ¢457.30 in December.

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