Colón and Dollar On Roller Coaster Ride
Costa Rica’s exchange rate continued its pattern of erratic behavior this week, as the value of the colón appreciated by more than 13 colones against the United States dollar on Tuesday, only to depreciate by 10 colones during Wednesday and Thursday.
The buy value of the exchange rate started the week at ¢536.72 per $1 on Monday, only to fall to ¢523.05 per $1 on Tuesday. The fall of ¢13 in the exchange rate was the largest single-day movement since Nov. 23, 2007, when the colón appreciated by ¢20.
On Wednesday and Thursday, the dollar recovered from its fall, as the buy value moved back to ¢532.99 per $1.
In the first two-and-a-half months of 2010, the exchange rate has fallen from a buy value of ¢558 per $1 in January to Tuesday’s buy value of ¢523 per $1, the lowest figure registered since July 15, 2008. Since August 2009, the colón has appreciated more than ¢60 against the U.S. dollar.
In an interview with The Tico Times last week, Central Bank of Costa Rica (BCCR) President Francisco de Paula Gutiérrez explained the recent fluctuations in the exchange rate and appreciation of the colón. (See story, Page 10)
You may be interested
PeaceJam to host first Youth Summit in Costa RicaAlejandro Zúñiga - October 19, 2018
Nobel Peace Laureate Jody Williams will headline the first PeaceJam Youth Summit in Costa Rica next month. The event, scheduled…
The energy of soundAlissa Grosskopf - October 19, 2018
“Sound is vibration, vibration is energy and that energy is light,” said Costa Rican musician Carlos "Tapado" Vargas. Apart from…
Human rights defender Alvaro Leiva: ‘There is a permanent darkness in Nicaragua’Katherine Stanley - October 19, 2018
When Alvaro Leiva took the stage at a recent fundraiser for Nicaraguan refugees and immigrants in Costa Rica, all eyes…