Q COSTA RICA — Mid-month salary payments, combined with foreign currency inflows from exports, tourism, and foreign investment—among other factors—pushed the dollar exchange rate to a new all-time low.
At the close of the Mercado de Monedas Extranjeras (Monex)—Foreign Currency Market—on Wednesday, the Central Bank recorded an average rate of ¢446.93, the lowest level since December 2007.
Furthermore, this marks the fifth consecutive session in which the value of the U.S. dollae has declined.
By mid-September, the dollar had depreciated by more than ¢200 per unit compared to 2022, with a drop of over ¢50 occurring in this year alone.
It is therefore not surprising that the exchange rate is the primary concern for all companies—regardless of size or regulatory regime—according to a survey conducted by the Cámara de Industrias (Chamber of Industries) in mid-August.
By this point, 13% of companies have cut staff, with a particular emphasis on free trade zones (23%) and large enterprises (19%), according to the study.
Likewise, 30% of industries have not filled positions left vacant due to employee resignations or retirements.
“While exchange rate appreciation was relatively modest—around 2.2%—for most of 2025, the final months of last year and the year to date have seen an acceleration in the colón’s appreciation of approximately 10%, exacerbating the negative effects that have been accumulating for businesses since the second half of 2022,” explained Sergio Capón, president of the Chamber of Industries.
Headache
Regardless of company size, the dollar exchange rate is the primary problem facing the productive sector.
The Chamber of Industries identified the major obstacles to economic growth in the country:
- Exchange rate tops the list
- Price or cost of raw materials
- Social security contributions
- Electricity costs
- Competition from informal businesses
- Taxes
- Availability and quality of human resources in the market.