From a low point just before Christmas, the U.S. dollar has added about six colons in value. The adjustment, which may not be complete, was expected because the U.S. dollar appears to have been held at an artificial low point to favor the local currency.
On Dec. 22, the buy/sell rate was 526.99/538.95, according to official figures from the Banco Central de Costa Rica. Local banks generally rounded off the figures.
The rate for today is 532.83/545.37, according to the Banco Central. Banco Nacional rounds the numbers off to 533/546. Based on the Banco Central figures, the dollar has increased in value 5.84/6.42 colons in just a week.
Readers have pointed out that the dollar has stagnated against the colon while it increased in value against every other major world currency. The strengthening is good news for expats who receive their income from abroad and producers here who export and are paid in dollars.
The news is not so good for Costa Ricans who seek to purchase imported products or who plan to travel outside the country.