Q COSTARICA — The deadline for paying the annual Income Tax in Costa Rica for most individuals and corporations, which was March 16, 2026, drove the dollar exchange rate to a new all-time low on the Mercado de Monedas Extranjeras (MONEX) — Foreign Exchange Market.
This is compounded by the surge in tourism during peak season.
By the end of trading on Tuesday, March 17, the dollar had dropped to ¢468.58 on the Monex, marking its lowest level in approximately two decades, in November 2006 when the Banco Central de Costa Rica (BCCR) — Central Bank launched the Monex
To prevent a further decline, on Tuesday, the Central Bank stepped in and bought about $27.54 million.
This situation is directly related to the Income Tax deadline for micro, small, and medium-sized enterprises (PYMES in Spanish), as well as independent professionals and individuals and legal entities (corporations) engaged in for-profit activities.
This prompted some companies, especially multinationals, to bring more dollars into the country to meet their tax obligations.
On the other hand, tourism reports a 10% growth in the first months of the year, which also injects more dollars into the economy.
In addition to high foreign currency inflows, the dollar exchange is also affected by the government’s heavy use of external financing since 2023, which has increased the supply of dollars, contributing to the pressure forcing the U.S. currency down; and the “Super Colón” phenomenon, referring to the significant and sustained appreciation of the Costa Rican colón (CRC) against the US dollar, a trend that accelerated through 2024 and 2025 and continued into 2026.
This strengthening of the local currency has made it one of the strongest in the region, drawing comparisons to Switzerland due to its unusual stability and rising value despite global trends.
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