Dollar: closing exchange rate today, March 21 in Costa Rica - Expat Community

Dollar: closing exchange rate today, March 21 in Costa Rica

Mar 21, 2024 | Costa Rica, News & Articles | 0 comments

By Infobae Noticias

Here is the behavior of the US currency during the last minutes of the session.

In the last session, the US dollar closed at an average of 499.86 Costa Rican colones, which implied a change of 2.03% compared to the 489.90 colones from the previous session.

Considering the data from the last week, the US dollar has decreased by 0.73%, and over the past year, it has maintained a decline of 4.8%.

Regarding the variations of this day compared to previous sessions, it reversed the trend of the previous session, where it experienced a decrease of 0.06%, without being able to establish a defined trend in recent dates. The volatility of the last seven days showed a slightly lower behavior than the volatility of the figures from the last year, indicating that in this latter phase, there are fewer changes than usual.

BCCR forecasts for 2024

The Banco Nacional de Costa Rica (BCCR) expects that for 2024, the “abundance of liquidity” in foreign currency will continue, and there is little chance of significant upward pressure on the exchange rate.

Javier Cortés, investment strategist at BN Valores, expects that the central bank of the Central American country will continue to absorb the excess supply of dollars for this year, and for this reason, the appreciation of the national economy should be moderate.

In a global context marked by moderate inflation and rising interest rates, the economic outlook for the current year is positive; however, there is concern for the next year.

Emmanuel Agüero Quesada, member of the International Center for Economic Policy for Sustainable Development at the National University (CINPE-UNA), told Semanario Universidad that there is optimism due to the economic growth that the United States will experience in 2023.

Costa Rican colón

The Costa Rican colón, named in honor of Christopher Columbus, is the legal tender currency in Costa Rica, which is also divided into 100 equal parts called cents.

Since its independence in 1821, the country abandoned the use of Spanish currency and began using the real, later opting for the peso. It was not until 1986 that the use of the colón as legal tender was determined.

It is worth noting that currently, the circulating coins are in denominations of 5, 10, 25, 50, 100, and 500 colones. There used to be 1 and 2 colón coins, but these were withdrawn by the Central Bank of Costa Rica and no longer have value in the market. As for banknotes, there are denominations of 1,000, 2,000, 5,000, 10,000, 20,000, and 50,000.

In Costa Rica, the 100 colón coins are also known as “una teja” (a tile), the 1,000 colón banknotes are known as “un rojo” (a red), and the 5,000 colón banknote is known as “un tucán” (a toucan), due to the images that were previously printed on the reverse side of the money.


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