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EXCHANGE RATES

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  • Robert Williams
    Some are suggesting that the current devaluation of the colon is cyclical, that it always happens after an election. According to oanda.com the colon peaked on
    Message 1 of 8 , Mar 10, 2014
      Some are suggesting that the current devaluation of the colon is cyclical, that it always happens after an election.

      According to oanda.com the colon peaked on August 3, 2009, at 577.237 per USD. Checking at xe.com they report the colon closed at 584.950 to the USD on the same day. 

      This date was about six months before the last Presidential election, so how could there be a correlation of the exchange rate to the elections. 

      It is events beyond the borders of Costa Rica that is affecting the exchange rates, specifically recent actions of the FED which have affected other currencies as well.

      Robert
    • rararooo3
      According to oanda.com the colon peaked on August 3, 2009, at 577.237 per USD. Well i do know that roughly 4 1/2 yrs ago i was getting 600 and a bit over for a
      Message 2 of 8 , Mar 11, 2014
        According to oanda.com the colon peaked on August 3, 2009, at 577.237 per USD.
          Well i do know that roughly 4 1/2 yrs ago i was getting 600 and a bit over for a dollar for about a week.
      • sailorant7
        Not according to this. file:///C:/Users/USER/Desktop/Backup/Documents/exchangerate1983%20to%202010..htm Sail,
        Message 3 of 8 , Mar 11, 2014
          Not according to this.

          file:///C:/Users/USER/Desktop/Backup/Documents/exchangerate1983%20to%202010..htm

          Sail,
        • Robert Williams
          Sail said: Not according to this. file:///C:/Users/USER/Desktop/Backup/Documents/exchangerate1983%20to%202010..htm Perhaps I am not the most computer literate,
          Message 4 of 8 , Mar 12, 2014
            Sail said:

            Not according to this.
            file:///C:/Users/USER/Desktop/Backup/Documents/exchangerate1983%20to%202010..htm

            Perhaps I am not the most computer literate, but it seems someone referenced a file in their personal computer. I would not have the slightest idea how to access their computer, nor would I have any desire to do so.

            Since Sail indicated the information given, based on two sources is inaccurate, perhaps he could share with the group the more accurate information.

            I am the first to admit I make mistakes, and when doing so I wish to be provided with correct information.

            Robert
          • Robert Williams
            Being human, I am subject to error. After reading another comment and not able to access his reference I went to the following website:
            Message 5 of 8 , Mar 12, 2014
              Being human, I am subject to error. After reading another comment and not able to access his reference I went to the following website:

              www.forexticket.com/en/currency/converter-USD-CRC 

              According to this website the maximum exchange of 631.9059 colones to the dollar was reached on 2010-09-07. 

              Thus my previous assumption that the maximum was reached before the election was incorrect as the election was in February, 2010. However, I continue to remain curious about any correlation with the two.

              Robert
            • sailorant7
              I am the first to admit I make mistakes, and when doing so I wish to be provided with correct information. Robert Try this then:
              Message 6 of 8 , Mar 13, 2014
                I am the first to admit I make mistakes, and when doing so I wish to be provided with correct information.

                Robert


                Try this then:


                Sail,
              • sdmcglinn
                I remain curious and dubious!!!!
                Message 7 of 8 , Mar 13, 2014
                  I remain curious and dubious!!!!
                • Robert Williams
                  Sail said:
                  Message 8 of 8 , Mar 13, 2014
                    Sail said:

                    <Try this then:



                    I followed Sails suggestion which led me to a report produced by the Central Bank of Costa Rica. My review of Sail's refernce indicates that the Colon was devalued the greatest on September 18, 2009, when the buy rate was 585.92 and the sell rate was 595.37. I had reported a rate of 597.237 colones to the dollar, on September 3, 2009 referencing oanda.com.

                    Thus, even with the  reference given by Sail, the peak of the dollar against the colon occurred months before the election of February, 2010, making the assumption that the value of the colon falling after a Presidential election invalid. 

                    This report referenced by Sail was lengthy, providing the daily exchange listing by the Central Bank of Costa Rica for over 27 years. I reviewed this data as best I could, but being human I am subject to human error. If the information is inaccurate perhaps Sail could provide the accurate information as he provided the source.

                    The sources I provided in previous post provide different data for they are foreign exchanges, not the domestic or "official" exchange as provide in Sail's reference. As one will note in reading the La Nacion daily the various banks and financial institutions daily set their own exchange rate, which may or may not be consistent with the Central Bank of Costa Rica. Personally, I always have transferred my dollars into colones at Desyfin as they consistently have the best exchange rate for a financial institution. But Price Smart usually has even a better exchange rate, and since I shop there regularly, I pay with the dollar. 

                    The exchange rates I posted were from foreign exchanges, who like individual financial institutions within Costa Rica may establish their own exchange rate. Much money is made (or lost) in dealing with currency exchanges. But again, another place one with learn that a central bank's rate is not cast in stone is to exchange currency in any international airport. One will readily see that there are many profiteers in the exchange of currency.

                    Robert
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