According to Olivier Castro, head of monetary policy, the fact that oil prices reached $50 a barrel on Monday, does not frighten the authorities of the Central Bank of Costa Rica.
During his presentation at the Congress of the Food Industry, Castro explained that the expenses for the import of raw materials is within the range set in the macroeconomic program this year.
The rise in oil prices could cause incremental effects on the exchange rate due to the increased supply of dollars.
BCCR’s president softened the effects, but this will certainly raise the country’s oil bill and the price of fuel for families.
In 2015, the country saved $890 million in the purchase of fuel compared to 2014, when the prices were higher.
The OPEC will meet in Vienna on June, 9th, and most analysts do not expect any change in production levels.
crhoy.com