The Central Bank of Costa Rica (BCCR) will modify in the coming days Article 18 of the Regulations for Cash Exchange Operations. The Executive Branch is working on a draft agreement that concerns the system of bids for the purchase and sale of U.S. dollars, which financial entities participating in the Foreign Currency Market (MONEX) must maintain in relation to the exchange rate offered over the counter. The only exception to the new rule will apply in the event that an institution is registered under the representation modality (limited to the service of sending reports of exchange operations). The measure will be published in the next few days in the Official Gazette.

The exchange prices to be used  weekly will be defined on the last working day of the previous week. In this way, a minimum negotiation amount requirement will be established, which must be taken into account by those actors who have set a value equal to or greater than the limit. In addition, once the amount has been traded in the exchange market, each new offer must be made at the exchange price in effect at the time.

Each operator in the system must maintain its reserve funds, which ensure the timely inclusion of bids in the MONEX system. On the other hand, each entity must update the exchange rate in use each time it is modified at the counter, within the same period they have to notify the BCCR of the variations.