Today, the dollar exchange set by the Banco Central (BCCR) is at ¢586.70 for the buy and ¢592.66 for the sell, the lowest in 2019 and a rate that was not seen since last October.

Seasonal effects such as the high season of tourism, which is associated with greater availability of U.S. dollars, and a slump in the commercial sector, which has resulted in fewer imports of goods have influenced the decline in the exchange rate.

It is also worth noting the dynamics of both internal and external interest rates that in the most recent months have stimulated investment in the national currency versus the dollar, according to economist Alberto Franco, of Ecoanálisis.

Since the beginning of the year, the dollar had fluctuated between ¢600 and ¢615.

On the possibility that the value of the dollar will continue to decline will depend a lot on the evolution of local and external interest rates in the coming months.

The exchange rate at the banks and financial institutions is also below ¢600 colones for the first time this year.

For example, the exchange rate the Banco de Costa Rica (BCR) this morning ¢584 for the buy and ¢587 for the sell; at the Banco Nacional (BN) ¢581.50 and ¢584.50.  Over at the private banks, Scotiabank, the exchange rate this morning is ¢580 and ¢595 and at the BAC Credomatic ¢583 and ¢595. See rates at all banks

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Originally published on Qcostarica.com. Read the original.