The margin between the dollar buy and sell rate went from 6.77 colones to 5.31 colones on Thursday.  In the wholesale market $14.5 million dollars were exchanged and the exchange rate went to a low of 515.46 colones per US dollar.

The exchange rate of reference (the sell rate for individuals that need to buy dollars) fell from ¢521.82 to ¢520.50.

The main complaint of people on Wednesday and Tuesday was that the margin had increased significantly.  On Monday, the last day under the old mini-devaluation system, the margin between the buy and sell rate was  2.77 colones.  Under the new system – with an exchange band – the margin was ¢6.59 on Tuesday and ¢6.77 on Wednesday.
The president of the Central Bank, Francisco de Paula Gutiérrez, said that it is premature to draw  conclusions in so few days. He expects that the margins will be reduced as market forces come into play.

María Isabel Cortés, executive director of the Asociación Bancaria Costarricense (Costa Rican Bankers Association), said that the “increase in the exchange rate margin observed by the public is a result of the  Central Bank’s decision to increase its margin of exchange.  Before the reform, the bank operated with a tighter margin, less than one colon per dollar.  Now it is higher. ”.

The Banco Nacional, with one of the lowest margins, explained that the organization’s surpluses allowed it to offer better prices to the public.