Dollar exchange rate shows downtrend this week

January 8, 2013

Although in December the dollar exchange rate reached its highest point in the last nine months (₡514), this week saw the beginning of a downward trend. On Tuesday, the sell price in the wholesale market was ₡508 per dollar.

Most banks in Costa Rica were closed for the holidays, resulting in few dollar transactions and the intervention of the Central Bank to defend the band floor (₡500) was unnecessary.

With the reopening of banks this week, the exchange rate is showing a downward trend in the wholesale market, and it is possible that the Central Bank will buy dollars to protect the lower band.

Experts expect the dollar price to drop further in coming days, but they do not recommend taking out loans in that currency, since the rate may increase soon.

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