Weekly Report - 17 October 2006

COSTA RICA: Free-floating exchange rate. The central bank introduced a new floating currency, with limits, on 17 October with a minimum purchase price of C$514.78 per US$1 and a maximum sale price of C$530.22 per US$1. The central bank has been operating a system of daily mini-devaluations for the past 22 years. The bank said the new system will give it more control over monetary policy and help it to rein in inflation, which reached 7.04% in September.

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