Deposits and Credits in Colones Rise
Deposits in checking, savings and time deposits rose more in colones than in dollars during September and October.
However, dollar deposits still represent more than 50% of the total. Low inflation has stimulated deposits in colones, according to economista Alberto Franco. Inflation currently is at 10%, the lowest rate since 2003.
The lower devaluation rate of the colon against the dollar is also making investment in colones more attractive. The dollar has lost ground against the colon since October.
Only 1% of the total deposits were in Euros.
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