QCOSTARICA – A survey carried out by the Cámara de Exportadores de Costa Rica (CADEXCO) – Chamber of Exporters of Costa Rica – revealed that companies have already laid off more than 700 people due to the impact of the exchange rate
The survey also reveals more layoffs, up to 1,000 more jobs to be cut in the following months.
The information arose in the framework of a meeting held by business chambers with authorities from the Banco Central de Costa Rica (Central Bank), in which they exposed the impact of the low dollar exchange.
The sale of the dollar this morning, Saturday, March 11 is ¢552, the lowest price in the last seven years. This represents a decrease of ¢31 in one month and ¢49 so far in 2023.
Sianny Villalobos, President of CADEXCO also said that 73% of the companies surveyed confirmed that they stopped investment plans, which will hinder future job creation.
The survey was was of more than 100 companies associated with CADEXCO.
The business sector has been vocal on the reduction in the dollar in relation to the colon, forecasting higher unemployment, a paralysis of investments by national companies, the loss of competitiveness of sectors highly sensitive to the dollar exchange, and, in addition, the loss of attractiveness of the Costa Rican market for tourists who arrive in the country where they receive less colones for their dollars.
The drop in the price of the dollar is “really worrying for all the productive sectors of the country” is a common concern among businesses.
In June of last year, the dollar exchange was ȼ696, but in the last week of January 2023, it fell below ¢600, a trend that has continued since according to the official indicator of the Central Bank.