CRC

DEFINITION of 'CRC'

The currency abbreviation for the Costa Rican colon. The CRC is subdivided into 100 centimos, which is similar to how a dollar is divided into 100 cents. Historically, the colon has had a peg-like relationship with the U.S. dollar, which is described as a crawling peg. This means the colon is allowed to float within a currency band with upper and lower limits determined by the U.S. dollar's value.

BREAKING DOWN 'CRC'

The Costa Rica colon was named after Christopher Columbus. In Spanish, Columbus is known as Cristobal Colon. In addition, the CRC is occasionally referred to as the peso, which was the name of the currency that preceded the colon.

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