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Current Exchange Rate https://forum.costaricaticas.com/viewtopic.php?f=1&t=34303 |
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Author: | Steven1 [ Mon Jun 28, 2010 9:40 am ] |
Post subject: | Current Exchange Rate |
Which one of you guys is manipulating the exchange rate down there such that as of today a U.S. dollar is worth a mere 519 (or so) colones? I liked it a whole lot better when it was at 565 and more...... |
Author: | JazzboCR [ Mon Jun 28, 2010 11:23 am ] |
Post subject: | Re: Current Exchange Rate |
For Wikipedia's take on CR currency, see here (esp.Currency Peg at bottom): http://en.wikipedia.org/wiki/Costa_Rican_col%C3%B3n This graph shows the gyrations this year: http://www.exchange-rates.org/history/CRC/USD/G And finally a graph and some verbiage on a 30-year history (CRC vs. USD): http://www.cocori.com/general-information/xchng.htm NOTE: None of the above pretends to answer Brother Steven1's question, just a little history. Incidentally, the CRC was officially pegged to the USD 'til 2005, after which it floated and was thus manipulable. |
Author: | BangBang57 [ Mon Jun 28, 2010 11:40 am ] |
Post subject: | Re: Current Exchange Rate |
The reason for the drop in one word: 'HOLIDAY' ---(4th of July) and more tourists and tourist dollars coming into the country! Happens almost every holiday. Also, the week dollar and lack of confidance in the financial stability of the US government world wide does not help! |
Author: | JazzboCR [ Wed Jun 30, 2010 2:07 am ] |
Post subject: | Re: Current Exchange Rate |
The other half of this story is--What's the real inflation rate in CR? In other words, what have the price increases been in the last year or so in what we have to pay for what we Mongers usually buy? I understand the Chicas are stable, trending downwards (insert joke HERE) but restaurant prices, hotel prices, the Vitamin prices? What's the story there? There was a huge upward spike in our buying power for a while but isn't it now coming down to an historic sustainable level? Or am I just being my usual realistic (for which read, "wet blanket") self? |
Author: | Steven1 [ Wed Jun 30, 2010 7:44 am ] |
Post subject: | Re: Current Exchange Rate |
Neither. The bottom line is that the exchange rate in CR is tied to nothing. Just like the rest of the Keystone Cop operation going on down there, it's done on whimsy and most certainly "USA holiday dates" can impact on it, but not to the extent that the stuff is getting jerked around right now. I have kept every Mas X Menos receipt ever given; every Auto Mercado receipt; every SL bar receipt; every Key Largo receipt; written down every chica price for services rendered, etc., etc., etc. and graphed same against the exchange rates since 2006. It's a funny graph to view and that's about all. There is no semblance of reason relative to the corresponding price increases for the same item in the food stores and that's a fairly adequate barometer for me. Yes, I understand the very large majority don't use "those" food stores, using Central Market or even closer sources to the farmer, rancher, etc., but that's not really important to me. It's a simple explanation, really: The rich are getting richer while the poor are getting poorer; the "middle class" is shrinking; and I'm good for a 2-5 week stay and then it's time to get back to HQ..... ![]() ![]() ![]() ![]() |
Author: | Haywood Jablommi [ Wed Jun 30, 2010 9:41 am ] |
Post subject: | Re: Current Exchange Rate |
Graphing exchange rates? Kind of takes the fun out of it don't cha think? |
Author: | Irish Drifter [ Wed Jun 30, 2010 11:22 am ] |
Post subject: | Re: Current Exchange Rate |
JMS wrote: when I checked today it was 509 to 1,,,,going down fast. ![]() Have no idea where you found that rate. Scotia Bank opened at buy 517/sell 529 and closed at 532/544 yesterday. All others, except the airport money exchange, were with a few colones of that rate. For up to date exchange rates go to http://indicadoreseconomicos.bccr.fi.cr ... nilla.aspx That is the Banco Central Costa Rica site and reflects the current rate. Financial Institutions may change their rate during the day and they report it to BCCR who are said to change the website to reflect the new rate within 20 minutes of the reported change. |
Author: | Scubabum [ Wed Jun 30, 2010 10:11 pm ] |
Post subject: | Re: Current Exchange Rate |
532 at upstairs cambio in SJO today |
Author: | BangBang57 [ Wed Jun 30, 2010 11:46 pm ] |
Post subject: | Re: Current Exchange Rate |
OK, so you guys have blown my "HOLIDAY" theory all to hell, at least for this holiday! ![]() |
Author: | JazzboCR [ Wed Jun 30, 2010 11:52 pm ] |
Post subject: | Re: Current Exchange Rate |
Brother BB57's "Holiday" theory still holds a lot of water, absent the unusual financial and meteorological conditions currently present. In English? The CR banks are complicit in attracting more tourism in these tough times and with one serious storm already threatening travel routes, want to be helping more tourists make the decision to "come on down". My theory anyway. |
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