Costa Rica Dollar Hits Historic Low Amid Central Bank Intervention

The U.S. dollar has hit a historic low in Costa Rica's wholesale foreign-exchange market, reaching an average of ₡449.17 on Thursday in the Mercado de Monedas Extranjeras (Monex). This is the lowest rate since the platform began operating in November 2006.

The Central Bank of Costa Rica (BCCR) intervened in the market by buying $26.53 million, as part of its stabilization operations to reduce excessive pressure or volatility on the exchange rate. This brings the total amount purchased by the BCCR this year to approximately $983.7 million across 48 trading sessions.

The falling dollar has significant implications for residents earning in dollars and businesses operating in the tourism sector. With each dollar now buying fewer colones, retirees receiving pensions in dollars, remote workers paid by U.S. companies, and other foreign residents may struggle with increased living costs.