QCOSTARICA — The abundant flow of dollars that has characterized the Costa Rican market in recent months, driven by a great supply of dollars in the market, could continuet into 2024.
This would cause the dollar exchange rate to remain as it is or continue to decline. However, unlike at the start of this year (2023), the appreciation of the colon could moderate and not be as pronounced.
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During the first half of this, the drop in the exchange rate was pronounced, while during the second half that drop continued but slower.
Today, December 28, the official dollar exchange reference rate set by the Central Bank is ¢524.88 for the buy and ¢518.13 for the sell.
At the banks, private and state, the range for the dollar exchange is between ¢530 for the buy and ¢512 for the sell.
“There is talk of relative stability because a range could be set between ¢550 – ¢535,” Stock Market economic analyst Pablo González told El Observador.
Tourism and exports of goods and services have had a strong performance this year, so a decrease in the inflow of foreign currency is not expected either, factors that could pressure the continued appreciation of the colon.
The forceast by expers is that the exchange rate will not vary at the beginning of the new year, but as the year progresses it will resume the typical behavior of gradual depreciation of the colon against the dollar. In other words, we can expect a higher dollar exchange rate in the latter part of 2024.
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“Our expectation for January is that in the face of certain operations coming from the high tourism season, payments mainly from companies in free zones, payments from companies whose businesses are in dollars, but their payrolls and costs in colones, will continue to maintain the type of change at low levels,” said the general manager of Acobo Sitio de Bolsa, Adriana Rodríguez.
Important to note that, while tourism and exports of goods and services have had a strong performance this year, in addition to the government’s income from the placement of Eurobonds, the abundance of dollars is also due to the influx of speculative capital of dubious origin.
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