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| Screw the CR banks; let's go to medellin https://forum.costaricaticas.com/viewtopic.php?f=1&t=33523 |
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| Author: | Mongeral [ Fri Apr 23, 2010 2:14 pm ] |
| Post subject: | Screw the CR banks; let's go to medellin |
The U.S. Dollar has risen six percent against the Euro since Jan. 1st, and has risen against many other currencies also, but in Costa Rica it has fallen by 10 percent or so and is still falling. There is no market-based reason for the sharp decline in CR, except that CR banks probably found themselves not holding a lot of dollars this winter and so are beating it down. Of course it could have something to do with this new love affair that the CR government has with China also, and with China trying to force the Yuan to replace the dollar as the world reserve/trading currency. You'd think that North American tourism dollars would be more valued here, since tourism is CR's biggest industry. But the banks here are basically telling us to suck it up and fork over more and more money. Maybe it's time to go play in Medellin or Rio for a while and let the Costa Rican bankers do without so many dollars for a while. |
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| Author: | Orange [ Fri Apr 23, 2010 2:21 pm ] |
| Post subject: | Re: Screw the CR banks; let's go to medellin |
Or maybe Arias exchanged all his dollars to colones, drove down the rate, and will exchange all his colones for a whole lot more dollars for his retirement just before he leaves office next week. |
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| Author: | Kickstand [ Fri Apr 23, 2010 4:52 pm ] |
| Post subject: | Re: Screw the CR banks; let's go to medellin |
Mongeral wrote: The U.S. Dollar has risen six percent against the Euro since Jan. 1st, and has risen against many other currencies also, but in Costa Rica it has fallen by 10 percent or so and is still falling. There is no market-based reason for the sharp decline in CR, except that CR banks probably found themselves not holding a lot of dollars this winter and so are beating it down. Of course it could have something to do with this new love affair that the CR government has with China also, and with China trying to force the Yuan to replace the dollar as the world reserve/trading currency. You'd think that North American tourism dollars would be more valued here, since tourism is CR's biggest industry. But the banks here are basically telling us to suck it up and fork over more and more money. Maybe it's time to go play in Medellin or Rio for a while and let the Costa Rican bankers do without so many dollars for a while. Mongeral (Al?), With currencies, there is always a market-based reason for movements unless the local government is doing something to manipulate their own currency. The Costa Rican government could be doing something to keep the Colon stronger against the Dollar, but I don't know why they would do this. It's in their own best interest to have the Colon stable or even weaker against the Dollar to help with exports to the U.S. A weaker Colon also helps draw tourists as you mentioned. There is nothing that Costa Rica can do to affect the Dollar internationally, outside of Costa Rica. It's too small. Your suggestion to go to Colombia or Brasil because of the weak Dollar does not hold water. Over the past 12 months, the Dollar is down 10% vs Costa Rica (Colon), but it is also down 16% vs Colombia (Peso), down 20% vs Brasil (Real), and down 7% vs Mexico (Peso). Since the end of last year (Dec 2009), the Dollar is down 10% vs Costa Rica, down 4% vs Colombia, and down 6% vs Mexico. The Dollar is up a little vs Brazil since December, but only 1%. There may be many good reasons to go to Colombia and Brasil rather than Costa Rica, but the recent weakness of the Dollar in Latin America isn't one of them. By the way, while the Dollar is up 7% vs the Euro since December due to the Greek crisis, the Dollar is still down 3% vs the Euro over the past 12 months. |
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| Author: | Californicationdude [ Fri Apr 23, 2010 6:39 pm ] |
| Post subject: | Re: Screw the CR banks; let's go to medellin |
I used to measure the strength of the dollar versus the colombian peso by how many arepas I could buy for a dollar on my morning strolls.... strong dollar equaled maybe 6 arepas middling dollar equaled 5 arepas weak dollar equaled 4 arepas (yo voy siempre a Cali) |
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| Author: | SinCity [ Sun Apr 25, 2010 10:28 pm ] |
| Post subject: | Re: Screw the CR banks; let's go to medellin |
Mongeral wrote: The U.S. Dollar has risen six percent against the Euro since Jan. 1st, and has risen against many other currencies also, but in Costa Rica it has fallen by 10 percent or so and is still falling. There is no market-based reason for the sharp decline in CR, except that CR banks probably found themselves not holding a lot of dollars this winter and so are beating it down. Of course it could have something to do with this new love affair that the CR government has with China also, and with China trying to force the Yuan to replace the dollar as the world reserve/trading currency. You'd think that North American tourism dollars would be more valued here, since tourism is CR's biggest industry. But the banks here are basically telling us to suck it up and fork over more and more money. Maybe it's time to go play in Medellin or Rio for a while and let the Costa Rican bankers do without so many dollars for a while. Hell, CR was 1 of the few places in the world where the dollar was holding good, actually increasing, not any more. Rio has gone from 2.8 to 1.8R v the dollar since my 1st visit & Colombia has gone 230k to 185kCP. Please find me a place where my mongering dollar is getting better value!!! Mr. Mongeral, Rio & Medellin ain't it!!! |
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| Author: | JazzboCR [ Mon Apr 26, 2010 12:04 am ] |
| Post subject: | Re: Screw the CR banks; let's go to medellin |
Has anybody run calcs on USD Vs. the currencies of the Dominican Republic (Sosua) or Peru (Lima), 2 other great destinations for Our Crowd? Might be interesting. |
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| Author: | Hank Daman [ Mon Apr 26, 2010 12:21 am ] |
| Post subject: | Re: Screw the CR banks; let's go to medellin |
JazzboCR wrote: Has anybody run calcs on USD Vs. the currencies of the Dominican Republic (Sosua) or Peru (Lima), 2 other great destinations for Our Crowd? Might be interesting. The sol (Peru) is more or less where it has been for the last couple of years. During my first trip, several years ago, I received 20% more than I would today. Still, its pretty inexpensive. |
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| Author: | Bilko [ Mon Apr 26, 2010 1:44 pm ] |
| Post subject: | Re: Screw the CR banks; let's go to medellin |
JazzboCR wrote: Has anybody run calcs on USD Vs. the currencies of the Dominican Republic (Sosua) or Peru (Lima), 2 other great destinations for Our Crowd? Might be interesting. I have a couple of posts related to the dollar vs colon roller coaster. I have a little graph on the first post of the colon vs several other currencies. I can be persuaded to expand it, maybe, for monger destinations. But I'd have to remember how I did it. http://www.usexpatcostarica.com/2010/02/the-incredible-shrinking-colon/ http://www.usexpatcostarica.com/2010/03/dollarization-%E2%80%93-miracle-cure-poison-pill-or-placebo/ |
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| Author: | Obi-Wan [ Mon Apr 26, 2010 2:45 pm ] |
| Post subject: | Re: Screw the CR banks; let's go to medellin |
I have been in the financial field for 35 years. It is always perception that counts. The world can see plain what the brain dead are doing in Washington. Spending What you don't have and creating fake books for the world. Their monetizing of Our debt (780,000,000,000 just last year). Banks going to the to borrow from Feds at .5% and buying US bonds at 3.5% further shrinking the creditability of the dollar and the US. Simple : It doesn’t mater what race, religon, national origin nor party affiliation. You put That Politician sticker on their ass. They become a bunch of drunken asses. just my humble oppinion. |
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| Author: | Kickstand [ Mon Apr 26, 2010 6:20 pm ] |
| Post subject: | Re: Screw the CR banks; let's go to medellin |
JazzboCR wrote: Has anybody run calcs on USD Vs. the currencies of the Dominican Republic (Sosua) or Peru (Lima), 2 other great destinations for Our Crowd? Might be interesting. Contrary to most of Latin America, the US dollar has been getting consistently stronger against the Dominican Peso. This link will show you a graph of the exchange rate over the past 2 years. http://finance.yahoo.com/q/bc?s=USDDOP=X&t=2y&l=off&z=m&q=l&c= Since the beginning of 2008, the dollar is up 11% versus the Dominican Peso, however it's only up 1% since the beginning of this year. Peru is a different story. The dollar is down versus the Peruvian Nuevo Sol in both the short and long term. |
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