Costa Rica colón weakens against the dollar

The Costa Rican colón weakened against the US dollar during the first four months of this year, according to official data from the Central Bank.

Luis Diego Herrera, an economist with Grupo Financiero Acobo, said in a news release that “despite variations in the past few days that point to a downward trend, the exchange rate actually maintains an upward trend this year.”

Herrera attributes the fluctuations to seasonal factors during this period, particularly an increase in transactions from businesses that exchange dollar investments into colones to pay taxes, he said.

Source: Tico Times