Costa Rica Exchange Rate Calculation Changes?

Costa Rica News – Costa Rica’s Central Bank (Banco Central de Costa Rica – BCCR) proposes modifying the methodology to more appropriately approximate the average reference exchange rate of all exchange transactions in the economy.
The reference exchange rate (buying and selling the dollar) is an average of the daily prices of financial intermediaries, including banks, cooperatives, mutuals, financial institutions, exchange houses and stock exchanges.
Up to now, to calculate both prices, the Central Bank takes into account only the exchange rates announced to the public at 2pm and 5 pm each day. The resulting value is considered the reference exchange rate for the following day.
However, the new methodology considers the exchange rates effectively negotiated over a longer period of time, between 10 am and 4 pm, in

... continue reading article from Costa Rican Times, Click to go there.

Leave a Reply