The price of the dollar continues to fall in the wholesale market Monex. This Monday, it closed at ¢575, a price not seen since February 2018.
In a matter of just a week, the US currency has fallen almost ¢8. To give another example, this Monday the dollar is ¢45 cheaper in Monex than at the beginning of the year.
Several factors are responsible for the price of this currency, but the most important is the confidence of the market. The entry into force of VAT, the coming approval of Eurobonds, and the possible arrival of multilateral loans for $850 million, lead to greater investor confidence and less pressure on the exchange rate.
What we are currently seeing is the reverse process of what we went through in the second half of last year. The tax reform opened financing sources to the Treasury, both in dollars and colones, and this has been reflected in a greater supply and lower demand in our currency market. The change in expectations about interest rates in the United States has also weighed on that balance,”
said Alberto Franco, an economist.
On the other hand, the Central Bank has intervened in the Monex market to avoid further appreciation of the colón.
Although the price in Monex is an important indicator, the one that most interests those who have movements in dollars is in banks. In public banking, the average price is ¢581; in private banking, it’s around ¢584.