For August 6 the Sale of the Dollar according to the Central Bank of Costa Rica stands at 595.21 colones and the purchase at 588.54 in a very clear and worrying upward trend.
The trend of the Dollar is upward since May 19 of this year when it stood at 554.51 Colones, since that day and motivated by the uncertainty caused by the pandemic and the closing of borders, the price of the dollar has increased constantly.
The news adds salt to the wound and anguish of thousands of businesses and entrepreneurs, who have had to close their doors and must pay rents and other loans in dollars. And especially to those in Orange Alert areas that this August 9 will have to close again or go to a purchase model by shipment or collection and somehow face the payment of their obligations in Dollars in an annual maximum.
Businesses in the tourism sector, restaurants and bars that have been forced to work at reduced capacities or to completely eliminate their operation can only expect a constant rise in the price of the Dollar motivated by shyness in travel and tourist restrictions, as well as closings. worldwide.
This increase in the price of the Dollar also substantially increases cross-border services paid with frank currency, such as imports, exports, quotas, fuel payments, among others. It affects all national loans in dollars in payments such as the payment of fees for houses, trips, cars, machinery, among others. And it even puts institutions such as the CCSS, which has had to make emergency purchases for millions of dollars to deal with the effects of Covid19, in trouble.
The American Federal Reserve has been in charge of printing copious amounts of dollars to generate liquidity in the market. especially after the crisis of super oil production between the United Arab Emirates and Russia. This abundance of cash and new dollars in the market have prevented the increase in the relationship between dollars and colones from growing at a more alarming rate.
However, after 5 months of tourist port closings, economic uncertainty, the absence of a clear economic recovery plan, historical unemployment figures and new indebtedness from the central government to finance works such as the electric train for 504 million dollars have affected the price of the Dollar more than currency printing can control.
The trend will most likely continue high, until it recovers normal or close to normal operations in times prior to the pandemic. In addition, several substantial increases are to be expected as the end of the year approaches, as the dollar capital in circulation tends to retract due to the Christmas purchases in order to generate marginal profits from the sales of the time.