The loan signed at the end of the previous week by Costa Rica and the Development Bank of Latin America (CAF) for $500 million, would have no effect on the exchange rate.
Of that amount, only $390 million would enter the country, since the remaining $110 million would be used to pay the country’s membership to this bank.
This amount is quite small and the Ministry of Finance would deposit it in the Central Bank, that is, it does not pass through Monex and therefore, it would have no effect on the exchange rate,”
said economist Roxana Morales.
If the Treasury used the money to pay debt maturities in dollars, they would go back to the market, or if the entity requires converting them to colones to pay interest, debts or current expenses, it would be the Central Bank that buys those dollars, according to the specialist.
However, if in addition to the CAF loan, Costa Rica receives the $ 350 million from the Inter-American Development Bank and the authorization to issue Eurobonds, there could be a downward trend in the exchange rate.
The government will advocate for multilateral loans without dropping Eurobonds. Without this external financing, the dollar would tend to rise, as well as interest rates.