This regulation governs the organization and operation of the National Electronic Payments System (SINPE), administered by the Central Bank of Costa Rica (BCCR), with the objective of promoting efficiency and the normal functioning of the Costa Rican payment system.
Foreign Currency Market
The Foreign Currency Market (MONEX in spanish) was launched for authorized and member entities in November 2006.
MONEX is a service whereby participating entities trade and liquidate with BCCR and among themselves their foreign currency buying and selling operations, pursuant to the provisions in the Regulations for Cash Exchange Operations.
Information can also be sent to BCCR, pursuant to the Regulations for Cash Exchange Operations. Thus, information is available on the behavior of trading with the public, with entities outside of MONEX, as well as exchange rates used at the retail market.
Using Service
This service allows entities to address their needs for buying and selling foreign exchange in the wholesale market.
Advantages
- It is easy to trade foreign exchange.
- Liquidation in real time through delivery versus payment, directly into BCCR accounts, once a match of the operation is done.
- Information on market and exchange rate behavior.
- Information on operations transacted.
Working hours
Working hours to trade foreign currency are 12:00 p.m. - 1:00 p.m.
Related documents
The purpose of this Regulation is to establish the rules governing spot foreign exchange transactions and the provisions to which agents who carry them out as part of their normal business must adhere, with the aim of obtaining a profit derived from intermediation in the foreign exchange market.