Q COSTARICA — From Casa Presidencial, President Rodrigo Chaves has taken charge of the Central Bank’s policy on the dollar exchange rate, according to Claudio Alpízar, the presidential candidate for the Esperanza Nacional Party (National Hope).
Alpízar claims the president’s main goal has been to reduce the state’s debt payments on loans, no matter the fallout.
“The Central Bank has been very hesitant to step in and manage the dollar’s decline, even though this has hurt key parts of the economy like tourism,” Alpízar said.
He argues that this political pressure has caused the colon to be artificially strong, despite the economy not showing growth to back it up.
“The large volume of dollars in the country comes from Costa Rica’s loans, Eurobonds, and even money from organized crime flowing through the local market,” he added.
Alpízar was clear that if elected, he would ensure the Central Bank’s full independence and push for stricter control over the exchange rate in the Monex market, so that policies help the whole economy—not just a few sectors.
He also announced he wouldn’t keep the current Central Bank president, accusing them of “disinterested participation” as the dollar’s value dropped.
This week, it was reported that the Central Bank holds the highest level of international (US dollar) reserves ever. As of August 28, 2025, reserves stood at US$15.03 billion, up US$424.7 million from the previous month.