CRC: Strong In 2012, But Weaker Thereafter

Despite high volatility in recent weeks, the Costa Rican colón has rallied over the last few months, strengthening 2.3% from its October 2011 low of CRC521.25/US$, and we believe the unit has potential for further upside in the short term. In line with this view, we have revised up our average and end of period forecasts for 2012 slightly from CRC525.00/US$ and CRC533.00/US$ to CRC515.80/US$ and CRC523.00/US$ respectively.

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