Understanding FX trading volume
Learn what counter (ventanilla), SPNB, and MONEX volume mean, and how trading volume impacts the exchange rate.
What is FX volume?
Foreign exchange volume measures the total amount of dollars traded in a given period. In Costa Rica, FX volume is split across several channels:
- MONEX (professional): Authorized financial institutions trading among themselves
- Ventanilla (counter/retail): Authorized institutions trading with their customers
- SPNB: Non-Banking Public Sector entities routing FX through the BCCR
Counter (ventanilla) volume
Ventanilla refers to the total volume of foreign currency bought and sold daily by BCCR-authorized financial institutions with their customers. This includes individuals, legal entities, companies, multinationals, and any client of a financial institution who carries out a currency exchange through any channel: physical branches, electronic platforms, mobile apps, among others.
- Buy volume: Foreign currency acquired by institutions from their clients
- Sell volume: Foreign currency sold by institutions to their clients
A high buy-to-sell ratio means more clients are selling dollars to institutions (possibly exporters converting earnings to colones). A high sell-to-buy ratio means more clients are buying dollars (importers, travelers, or savers hedging against depreciation).
SPNB vs MONEX volume
The SPNB (Sector Publico No Bancario — Non-Banking Public Sector) groups public institutions, ministries, and state-owned companies that are not commercial banks. These entities must schedule their foreign exchange purchases and sales through the Central Bank of Costa Rica.
The purpose of this arrangement is to centralize the government's foreign exchange management, excluding commercial banks. SPNB demand — for example, fuel imports by RECOPE, external debt service, or international commitments — can move the exchange rate.
The chart compares SPNB volume against total MONEX volume to show how much of the professional market's activity comes from non-banking public sector operations managed through the BCCR.
Why volume matters
Volume is a leading indicator. A spike in volume often precedes a price move because it reflects real supply and demand. Low-volume days (like those near holidays) can show exaggerated price swings because fewer trades are needed to move the average.