The Central Bank of Costa Rica (BCCR) decided to gradually reduce trading hours in the wholesale market known as Monex. The reduction is from seven and a half hours to three hours per day. This procedure will be completed before the end of this year.
The first reduction of an hour and a half, will be in force from August 1st, 2016, so the trading hours will be from 10:00 am to 4:00 pm.
It is impossible to determine if the exchange rate will go up or down with this measure, since it will depend on how many dollars are bought and sold. In the wholesale market participants are usually large companies and public institutions.
The average exchange rate of Monex is an important contribution to the national exchange market and its determination affects the extension of trading hours.
The reduction in the trading day make it easier for buyers and sellers of dollars to meet more often, giving dynamism to the session, promoting the negotiation process and fostering market liquidity.