Costa Rica Central Bank Directors Clash Over Interest Rate Cuts as Colón Surges Below 460

The Costa Rican colón maintains its strength below ¢460 per dollar, prompting a boardroom divide at the Central Bank over potential interest rate cuts to ease the pressure.

By: AXL Media

Published: Apr 27, 2026, 8:28 AM EDT

Source: The Tico Times

Currency Appreciation and the Monex Market Performance

The Costa Rican colón has continued its relentless appreciation against the U.S. dollar, ending another week valued below ¢460. On Sunday, April 26, 2026, the BCCR reference rates stood at ¢457.22 for selling and ¢451.57 for buying. This represents a significant 7% gain since the start of the year, adding to a cumulative appreciation of approximately 27% since mid-2022. The wholesale Monex market has remained consistently below the ¢460 threshold, a trend that experts suggest is driven by a massive influx of dollars from booming tourism, agricultural exports, and robust foreign direct investment.

Boardroom Divide at the Central Bank

Newly released minutes from the BCCR reveal a strategic split among the seven-member Board of Directors. Directors Jorge Guardia and Juan Robalino recently voted against the majority, advocating for a reduction in the Tasa de Política Monetaria (TPM), which currently stands at 3.25%. Guardia argued that with inflation lingering near zero or in negative territory—well below the bank’s 2% to 4% target range there is ample room for a 25-basis-point cut. However, BCCR President Róger Madrigal and the remaining four directors maintain that monetary policy must remain forward-looking to hedge against potential external shocks like global oil price volatility.

Impact on the Tourism Sector and Competitive Positioning

The strong colón has fundamentally altered the economics of Costa Rican tourism. The National Chamber of Tourism (CANATUR) has intensified its warnings that the country is becoming prohibitively expensive compared to regional rivals such as El Salvador, Colombia, and the Dominican Republic. For international visitors, the purchasing power of the dollar has eroded by nearly 28% since 2022. This currency dynamic is forcing tour operators and hotel owners to either hike dollar-denominated prices or absorb losses, a trend reflected in recent data showing a softening in air arrival growth.