National Tourism Chamber Warns of Competitive Decline Amid Central Bank Policy Stance

Canatur warns of a "silent crisis" in Costa Rica’s tourism sector, citing a strong colón and high interest rates as barriers to regional competitiveness in 2026.

By: AXL Media

Published: Apr 3, 2026, 11:30 AM EDT

Source: The Tico Times

The "Silent Effect" of Restrictive Monetary Policy

Costa Rica’s tourism industry is currently facing what Canatur describes as a "silent" economic crisis, characterized not by sudden closures but by a systemic erosion of operational capacity. In a formal letter to Central Bank executives, the chamber outlined how current fiscal conditions are forcing businesses to indefinitely postpone essential investments, equipment maintenance, and staff certifications. The organization argues that the central bank’s current stance is unnecessarily restrictive, especially as inflation figures remain outside the target tolerance range.

Canatur President José Martí emphasized that the impact is felt through a gradual thinning of the workforce rather than mass layoffs. By maintaining high interest rates, the central bank is effectively stifling the ability of small and medium sized tourism enterprises to access the credit necessary for seasonal upgrades. This stagnant environment, according to the chamber, aligns with recent observations from the International Monetary Fund, which also recommended a shift toward a more expansionary monetary stance to stimulate growth.

Currency Appreciation and the Colón's Five Year Surge

A primary point of contention for the tourism sector is the value of the U.S. dollar relative to the Costa Rican colón. Over the past four years, the colón has experienced a steady appreciation, with exchange rates now matching levels seen over two decades ago. For an industry that predominantly prices its services in dollars months in advance but pays operating costs—including salaries and utilities—in colones, this trend has created a severe "cash flow squeeze" for 90 percent of industry players.

The chamber noted that this macroeconomic environment leads to a dangerous cycle of low tax revenue and limited job creation. When the local currency is too strong, Costa Rica becomes an increasingly expensive destination for international travelers, particularly those from the United States and Europe. This "expensive destination" tag is beginning to show in the data, as growth remains concentrated only in the high end luxury segment, leaving the broader middle market struggling to maintain occupancy.