Dollar continues to show more strength

The U.S. dollar continued to increase in value over Christmas.

The Banco Central de Costa Rica was quoting 531.31 colons to sell dollars and 544.30 to buy one Sunday. That was up about two colons since Christmas Eve.

The two major state banks quote exchange rates that were rounded off to a full colon. Banco de Costa Rica said 533/545, and Banco Nacional said 532/544. Banco Central showed most other exchange houses had rates within one or two colons of the state banks.

An exception, of course, was Global Exchange at Juan Santamaría airport that was quoting a rate of  464.92 to sell dollars and 596.47 to purchase one. That is a whopping difference of  131.55 colons while most other exchange house had a spread of from 8 to 12 colons.

Note to arriving tourists: Taxi drivers take dollars!

The dollar is strengthening in part because the U.S. Federal Reserve has raised the prime interest rate a quarter of a point and promises to continue to do so. That seems to have an impact despite the influx of dollars from foreign tourists during the start of high season.

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