Costa Rica: Fear of Floating

CENTRAL AMERICA - Report 03 Jul 2014 by Francisco de Paula Gutierrez
Executive SummaryThe Central Bank is changing its way of intervening in the FX market. Though it has not modified the parameters of its band, the new administration has embarked upon a more active intervention policy, keeping the exchange rate below 560 colones per dollar. The Bank is also changing the way non-bank public sector institutions participate in the Monex market. Before, the NBPS indicated its daily foreign currency needs to the Bank, which acted as its agent in finding the dollars in the market. Now the Bank will provide the NBPS foreign currency needs from its stock of internat...

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