This Thursday and Friday many banks are quoting exchange rates far higher than the Banco Central de Costa Rica, which seems to lag behind the market.
Banco Nacional established its exchange rate on Friday to be U.S. dollar = 525 colones (to sell) and 534 colones (to buy). Scotiabank had rates of 524 and 536 colones.
Banco Central, however, was quoting 511.15 colons in exchange for one U.S. dollar and 521.38 colons to purchase a dollar.
Earlier in the week a U.S. dollar could buy just 503 colons, so the sudden jump is about 4.4 percent so far.
There still was no explanation as to why the dollar took a fall from the 560-570 range in just a month and a half. Most expats are welcoming the return of strength of the US$.
This week the Central Bank of Costa Rica unveiled the new ¢20.000 and ¢50.000 notes that will be in circulation in July 2010.
The new bills will be in addition to the ¢1.000, ¢2.000. ¢5.000 and ¢10.000 notes already in use.
Marvin Alvarado, of the Central Bank, explained that the first to be emitted will be the ¢20.000 by the end of July or early August, with the rest following slowly thereafter. Read more »
Yesterday, $US dropped ¢6 colones, bringing the fall to ¢12 colones for the week. The US dollar has been dropping steadily all week, bringing the total drop in the four days to ¢12.29 for the buy and ¢12.11 for the sell.
The US dollar rate by the Banco Central de Costa Rica (BCCR) was ¢6.43 colones less for the buy and ¢5.52 for the sell, dropping the sell rate to ¢569.82 and the buy ¢579.72, a drop of ¢6.43 and ¢5.52 respectively. Read more »
In 2010 the Central Bank of Costa Rica will start introducing the different size of the paper for the currently existing bills. It will also introduce 20,000 and 50,000 bills. Each note’s design will be distinct and feature a famous Costa Rican personality. The 20,000 note will be featuring Maria Isabel Carvajal (Carmen Lyra) and the 50,000 – Ricardo Jimenez Oreamuno. The 20,000 note will be orange and the 50,000 – purple. Read more »
Currently there 11 coins in Costa Rica: ¢5 (two in silver and one in gold), ¢10 (two in silver and one in gold), ¢20, ¢25, ¢50, ¢100 and ¢500.
The Central Bank (Banco Central de Costa Rica) has decided to remove from circulation the large and heavy silver coins of ¢5, ¢10 and ¢20.
The smaller and lighter silver coins of the same denomination will be let in circulation. Read more »
According to the Economist magazine’s “Big Mac Index” the Colon appears to be very close to it’s true value (relative to $US). In San Jose (the capital of Costa Rica) the “Big Mac” costs 2,000 colones, or $3.43 at an exchange rate of 583. In the United States the price is around $3.57. Six months ago 1 $US was worth 550 colons, but the devaluations brought the colon much closer to it’s correct value. Read more »
Banco General de Panamá was inaugurated Thursday in Trejos Montealegre of Escazú (suburb of San Jose).
President Óscar Arias Sánchez called the arrival of the bank as a boon for country’s financial development.
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May 7, 2010 8:45 pm
Finances
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