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October 29th, 2006
A couple of weeks ago, the Central Bank of Costa Rica decided to stop the ages-old policy of setting a daily buy/sell rate (exchange rate) for converting dollars to colones and vice versa. This daily exchange rate was known as the tipo de cambio, and was generally a very small spread, maybe 2.5-4 colones. It changed every day, increasing a fraction of a colone and thus devaluing the currency against the dollar… daily.
Filed under Banking & Finance, Banking in Costa Rica, Cost of Living, Costa Rica, Expatriate Life, Life in Costa Rica, Living in Costa Rica, Politics, Rants, Retire in Costa Rica, Travel | Comments (6)