i stand corrected. maybe it is because the money says one colone and everyone seems to call them colones. need to pay closer attn but then that is an ongoing problem for me.
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| Granted, I am not a economic genius, but.... https://forum.costaricaticas.com/viewtopic.php?f=1&t=24205 |
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| Author: | Diablo [ Sat Jul 12, 2008 10:05 am ] |
| Post subject: | Granted, I am not a economic genius, but.... |
how does the colon rise against the downward spiraling dollar. I know that I got spanked in Colombia last month with my Bush dollars for pesos Inside Costa Rica Exchange Rate Moves ¢6 Colones Overnight, Hitting A Record Sell Rate High of ¢528 The exchange rate took a sharp increase of ¢6 on the sell rate overnight after going up and down by a few tenths of a colon during the past month or so. The sell rate shot up from ¢523.83 set Thursday night to ¢528.08 at the close of business Friday night. The buy rate also moved from ¢517.20 on Friday morning to ¢521.20 set last night by the Banco Central de Costa Rica (BCCR). This is the first time since the BCCR set a system of currency bands, called "bandas cambiarias" in Spanish, on the exchange rate that the rate has reached an almost high of ¢530. The factor determining the variation in the exchange rate could be a direct result of the Central Bank's decision to increase the interest rates by 1%. |
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| Author: | BangBang57 [ Sat Jul 12, 2008 10:37 am ] |
| Post subject: | |
It could be that, as bad as the economy is in the USA, it is even worse here and the colon is spirling down in value even faster than the dollar. Prices are going up on everything here even faster than they are in the states. Two factors that strongly effect the colon are (1) the vast majority of comodities used here have to be imported and (2) the colon is very closely tied to the dollar. The vast majority of those imported comodities come from the USA and China. And both the US and Costa Rica are in debt up to their asses to China. JMHO |
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| Author: | HunterS [ Sat Jul 12, 2008 11:30 am ] |
| Post subject: | |
Its as simple as this: their inflation is three times the amount of ours so their currency should be devaluing against ours, and their GDP was flat to contracted last quarter.....=bad combo for currency value |
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| Author: | LAdiablo [ Sat Jul 12, 2008 12:00 pm ] |
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it a colone not a colon. my sphincter does squeeze as i watch my dollar become worth less every minute though. |
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| Author: | BangBang57 [ Sat Jul 12, 2008 12:18 pm ] |
| Post subject: | |
Sorry LaDiablo, BUT IT is A colon(singular) or colones (plural). Comes from the name of the discoverer of the Americas--Christobol Colon. And you thought his name was Christopher Columbus?? Also the reason Colombia is spelled with a "O", not a "U". |
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| Author: | LAdiablo [ Sat Jul 12, 2008 1:27 pm ] |
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i stand corrected. maybe it is because the money says one colone and everyone seems to call them colones. need to pay closer attn but then that is an ongoing problem for me.
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| Author: | Puro Party [ Sat Jul 12, 2008 5:11 pm ] |
| Post subject: | |
Places like Hawaii and the islands feeling it even worse than America Centro. At least in CR many food products are locally homegrown and relatively close to market taking some of the sting out of the higher transport costs. Everyone is feeling it even India and China per Jim Cramer (Mad Money) for what that is worth. Not many having a good "Boo Yah" right now. Peru and Chile both raised their interest rates the same day as CR which I find interesting. It's inflation to the max. |
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| Author: | Bilko [ Sat Jul 12, 2008 5:39 pm ] |
| Post subject: | |
Historically the Colon has steadily lost value against the dollar. In 2004, my first visit, it was 440 or so to the buck. They actually made 100 Colon bills at one time, and I have one mounted on my wall as a souvenir. The inflation/currency devaluation here is typical of 'banana' republics. What should cause U. S. residents (and anyone with their assets in dollars) pause is that the Colon actually increased in value against the dollar for a while. The good ol' USA isn't a banana republic yet, but only time will tell if it gets there or not. |
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| Author: | Diablo [ Sat Jul 12, 2008 6:07 pm ] |
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Kinda off the economic subject, but there was a quote in the Detroit News that compared the corruption in Detroit city government with the corruption in third world countries--the only difference being that we don't have goats running around in the streets of Detroit. Bilko, we may be closer than anybody knows |
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| Author: | Dapanz1 [ Sat Jul 12, 2008 10:30 pm ] |
| Post subject: | |
The colones float in the forex markets just like most all other world currencies. No law of the universe says that the colones need to devalue against the dollar. Although, yes, historically it has always devalued. At this point in time, the entire world has caught on to our (USA) fiat money fraud. Confidence, worldwide, has waned significantly in the dollar as the world currency. Thus, it is being sold off with a vengence in the forex markets and other currencies are being bought. Primarily the Euro, which is pretty much also a fiat currency. However it is more widely accepted and has the worlds elite backing. THE WORLDS ELITE ARE ABONDONING THE DOLLAR. This is horrible because all commodities worldwide are valued in USD. So, when the dollar loses value, all commodities MUST rise in price. Personally, I see no end to that problem. And, God forbid, another currency replaces the dollars hegemony as the world currency. Then, yes, IMHO, Banana Republic, albeit a much more modern one. 
The phenomenon of other currencies gaining on the USD is worldwide. Not just in CR. Read some other posts of guys who have been to Colombia. Anyone been to Europe lately????? I have never been but can only imagine that prices must be sky high. Since the USD is the world currency and all commodities need to purchased in USD's, all other countries are "importing" inflation. It's global, it's bad and it will certainly impede the future of foreign mongering 
A banana republic? Maybe. I don't think it is so far out the question. Although maybe not soon. I could write a complete disertation on that subject matter. But, I believe what I have posted above pretty well sums it up for the "problem" with purchasing power in CR. I suggest we get used to it. dapanz1 |
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| Author: | Elroy [ Sat Jul 12, 2008 10:53 pm ] |
| Post subject: | Iraqi Dinar |
Value of Iraqi Dinar today? Comments |
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| Author: | Livincr [ Sat Jul 12, 2008 11:00 pm ] |
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I believe I read somewhere that some NYC stores are accepting euros |
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| Author: | Puro Party [ Sun Jul 13, 2008 12:43 am ] |
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Diablo wrote: Kinda off the economic subject, but there was a quote in the Detroit News that compared the corruption in Detroit city government with the corruption in third world countries--the only difference being that we don't have goats running around in the streets of Detroit. Bilko, we may be closer than anybody knows
No doubt. Most big US cities/local Govts. even our Federal Govt. have some level of corruption. I believe it. |
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| Author: | Puro Party [ Sun Jul 13, 2008 12:46 am ] |
| Post subject: | Re: Iraqi Dinar |
Elroy wrote: Value of Iraqi Dinar today? Comments
Maybe could be getting better esp. if the elected Govt. solidifies and becomes more stable. If they can provide substantially more oil output soon all the better for everyone!!!!!!
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| Author: | BangBang57 [ Sun Jul 13, 2008 1:37 am ] |
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Bilko Actually Costa Rica at one time even printed 5 colones bills. I have one in almost new condition that was printed 24 de enero de 1990. Do not remember the exact exchange rate when I came here the first time in 1995 but I think it was somewhere around 120 to 1. In 2001 it was around 240 to 1. And back then everything here was a lot cheaper. I can remember when a Del Rey chica asking $50 was considered loco    And the Arte Sauna (MP) price was something like c1500 for 1 hour--think at that time it was something like $12. And you could get a BBBJCIM and sexo for 1/2 hr, on Calle 6 for c1000
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