Q COSTARICA — The dollar exchange rate surprised the economy again last Friday, February 13, reaching a new all-time low in the Mercado de Monedas Extranjeras (MONEX) —Foreign Exchange Market.
The US dollar fell 1.91 colones compared to the previous day, thus dropping from ¢483.69 colones to ¢481.78 colones, according to the Banco Central de Costa Rica (BCCR) — Central Bank.
This is the lowest level since the Bank began tracking the exchange rate on December 6, 2007.
Since the beginning of 2026, the rate has remained consistently below ¢500, starting the year at ¢497.07 on January 2.
The dollar’s behavior is attributed to the massive influx of dollars during the peak tourist season, resulting in a persistent abundance of U.S. currency in the country.
Between June 2022 and March of this year, individuals and businesses receiving income in dollars saw their profits decrease by almost 30% due to the appreciation of the colón against the dollar.
This downward trend appears unlikely to abate, at least during the first quarter of the year, as confirmed by economist Leiner Vargas, noting that it had been predicted in recent weeks that the dollar was clearly weakening against the colón and that a cycle was coming—the first three months of 2026—in which the supply of dollars would exceed the demand.
Vargas indicated that it could likely reach around ¢510 or ¢515 colones during the second and third quarters of the year.
“In other words, we are not expecting major disruptions or effects on the exchange rate, especially since we currently have similar international politics to last year, with disputes at the U.S. Federal Reserve, Trump’s policies regarding neighboring countries, and the trade war with China. All of this points to a weak dollar, and the colón will maintain its strength without significant change,” he added.
While it’s true that those with dollar-denominated debt, whether on loans or credit cards, are happy with lower monthly payments, the reality is that there’s a high opportunity cost.
Thousands of jobs, the country’s competitiveness, the survival of tourism businesses, economic growth, tax collection, and even domestic producers are all affected by a weak dollar.
As if all that weren’t enough, Costa Rica would become a more expensive country in the medium term, impacting its competitiveness.
“Comparing the third quarter of 2024 with the same period in 2025, a loss of 22,000 tourism jobs is evident, primarily due to two factors: 1) increased operating costs resulting from the appreciation of the colón and a 1.8% decrease in tourist visits. Therefore, we are making an urgent appeal to the authorities regarding this situation,” said the Guanacaste Chamber of Tourism.
The dollar exchange rate today, Monday, February 16, as set by the Central Bank is ¢478.72 for the sell and ¢485.72 for the buy.
At the banks, the colon is trading in the range of ¢471 at Banco Lafise and ¢475 at Banco Popular for the buy and ¢489 at Banco Lafise and at ¢490 at Davidienda for the sell.
Monex
In Costa Rica, MONEX (Mercado de Monedas Extranjeras) refers primarily to the wholesale foreign exchange market managed by the Central Bank of Costa Rica (BCCR).
It is the platform where authorized financial institutions, i.e., commercial banks, cooperatives, exchange houses, and qualified individuals can manage their own liquidity and satisfy the currency needs of their customers, buying and selling US dollars, effectively setting the country’s benchmark exchange rate.