At a press conference and in the face of continued exchange rate hikes, a Central Bank executive in Costa Rica said that if the public wanted to continue buying dollars, they had billions there.

This morning on Thursday, May 25, the price of a dollar 600 colones at some bank windows surpassed, dropping back to 594 after an announcement by the Central Bank that it will intervene in the market with up to $1 billion.

From a statement issued by the Central Bank of Costa Rica:

Central Bank of Costa Rica activates intraday exchange intervention 

San Jose, May 25, 2017

The Central Bank of Costa Rica, consistent with the operation of the administered flotation regime and under the provisions of Article 87 of its Organic Law, has a policy of intervening in the exchange market with the aim of avoiding violent fluctuations in the exchange rate for the US dollar.

These transactions can be made in order to limit excessive volatility in the exchange rate for transactions conducted in the Foreign Currency Market (Monex) throughout the daily trading session (intraday intervention).