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Dollar Exchange Drops ¢6.48 In Response To Central Bank’s Announced Intervention

The dollar exchange rate fell ¢6.48 colones in the opening hours of Friday morning, closing the day with a drop of ¢7.65 colones, to ¢587.25 for the sell from the previous day’s close of ¢594.47.

In two days, the total reduction was ¢13.84, this due to the Central Bank’s reported intervention of US$5.4 million dollars.

On Thursday morning, when the dollar exchange hit ¢601 colones for one US dollar at some private banks, the Central Bank announced it had a reserve of US$1 billion dollars to intervene in the exchange market.

Between April 7 and May 25, the dollar exchange moved ¢31.29, this after more than regular ups and downs of a few colones, but holding steady at the ¢550 level.

The director of the Economic Division at the Central Bank, Róger Madrigal, said that the entity seeks to reorder the market after the strong increases in the dollar exchange in recent weeks.

Economist and ex-banker Luis Liberman believes that the foreign exchange market will be continue to be agitated for some days.