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The Mighty Colon: Why is the dollar falling in Costa Rica?

Mount Equity Group Tokyo Japan > News > Markets > The Mighty Colon: Why is the dollar falling in Costa Rica?

QCOSTARICA – “Seems like the colon (Costa Rica’s currency) is one of the strongest in the world. Few have gained so much against the US dollar. Absolutely amazing,” writes long-term resident Pete King on the Facebook group Gringo Expats in Costa Rica.

“I remember when the Ccolon lost a little every day against the (U.S.) dollar. That ended around 2007. Since then when the colon weakened the central bank would use dollars to buy colones on the currency exchange to prop it up. That happened many many times. CR has not used this method recently.

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Not long ago, on June 23, 2022, the Banco Central (Central Bank) reference rate was ¢698.44 for the sell and ¢691.20 for the buy.

At the time, the colon traded at more than ¢700 at both State and private banks.

At the Mercado de Monedas Extranjeras (Monex),  where amounts greater than $1,000 are traded, the peak was on June 21, 2022, it reached ¢696.76 and…

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