Slight jump in the value of U.S. dollar captures attention of expats

Expats and others who receive their income in U.S. dollars will be focusing on the daily money market today.

The price of the U.S. dollar jumped two colons Saturday, in part because of the announcement by the U.S. Federal Reserve that the prime rate would go up a quarter of a point.

The decision Wednesday caused some impact all over the world.

The Fed cut the rates to a record low range between zero and a quarter of a percent during the 2008 financial crisis in a bid to support economic growth, according to wire service reports.

Many expats and importers have been unhappy for the last

year because the colon has been held at an artificially low rate while the dollar has increased against other world currencies.

The Sunday quote at the Banco Central de Costa Rica was 528 colons to sell dollars and 540 colons to buy.

That was two colons higher than Friday.

In March 2014 the exchange rate was 557.62/572.44

Costa Rica has benefited from a cheap dollar because nearly all its international debts are denominated in the U.S. currency.

The public has been barred from the Monex daily money market where dollars are bought and sold. Only banks are able to participate now.

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