Until then some believe that the exchange rate may continue to fall in the near future. It may take time for these interest rate reductions to take effect and for the surplus of dollars in the economy to decrease. With inflation seeming to be in decline in Costa Rica a drop in interest rates from 9% to 8.5% and indications that further cuts are expected may make those investors consider other options in the future.
The rate went from less than 1% to 9% in about one year. The Bank had been raising rates to combat inflation in the local economy making the Colon more attractive for investors. Last Updated: Sunday 11 June 2023, 04:33 pm, New York., United States 1 (CRC) Costa Rican colón 0.0019 (USD) U.S. The exchange rate from Costa Rican colón to U.S. One potential sign that the rate may begin to slow or reverse is the Central Bank’s dropping of Colon interest rates last Thursday. Exchange rates are updated every 15 minutes. It also appears that the Costa Rica Central Bank has been taking advantage of the decline and has been buying large amounts of dollars at the lower rates. The relaxation of Covid-19 restrictions in Costa Rica and worldwide created a surge in dollars into the economy. In a recent study over 50% of those in the agricultural sector report having laid off employees as a result of the exchange rate.Ī falling exchange rate means that those in the tourism industry that receive dollars have to use more of those dollars to pay for expenses in Colones.Īccording to economists the drop is a result of several factors, one being a surplus of dollars in the country resulting in a lack of demand. Both of those sectors are pleading for Costa Rica authorities to intervene to prevent a further decline. Those that hold loans in dollars but are paid in Colones are paying more to satisfy their debt.Įxporters and those in the tourism industry have also been effected. The precipitous decline has impacted many parts of the Costa Rica economy.
After reaching a peak of 691 Colons just last June the exchange rate has steadily dropped to just 540 Colons to the dollar. Exchange Rates Currency Converter USD CRC US Dollars to Costa Rican Colons Convert USD to CRC: US Dollar To Costa Rican Colon Exchange Rates 1.0000 USD 538.11 CRC J03:55 PM UTC Check the latest currency exchange rates for the US Dollar, Costa Rican Colon and all major world currencies. The Costa Rica Colon continues to strengthen against the U.S.
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