Costa Rica lost 16.2% of competitiveness due to the drop in the dollar exchange
QCOSTARICA – The loss of competitiveness is evident during the last eight months when the dollar exchange rate began its spiral downwards, Gerardo Corrales, economist at Economía Hoy, told La Republica.
Gerardo Corrales, economist at Economía Hoy. La Republica
When analyzing with other countries with which Costa Rica has a commercial relationship, they realized that the fall of the dollar also affected Chile, Mexico, Uruguay, Peru and, to a lesser extent, Honduras.
Meanwhile, competitiveness improved in Colombia, Brazil, Panama, the Dominican Republic, Guatemala, and El Salvador.
The U.S. dollar is quoted at around ¢537 on average right now, which is good news for debtors in dollars, especially for the 700,000 Costa Ricans who earn in colones and have loans in dollars.
“We have seen how there is an excess of dollars in the economy that has brought down the price of that currency, however, we consider that it will no longer drop, nor will it reach ¢500, what is more, this would be detrimental to the economy,” assured José Luis Arce, director of FCS.