No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeNewsCosta Rica Tourism Chamber Calls for Central Bank Rate Cuts

Costa Rica Tourism Chamber Calls for Central Bank Rate Cuts

The National Chamber of Tourism pressed the Central Bank of Costa Rica to lower its policy rate as the industry struggles with competitiveness. Canatur sent a letter to bank executives that outlined the risks of inflation remaining outside the tolerance range and a dollar exchange rate that matches levels from more than 20 years ago.

The group described the impact as a silent effect. It does not come as an immediate wave of business closures. Instead, investments, maintenance, hiring, training and certifications get postponed. Layoffs occur gradually. Canatur called for the central bank to lower the policy rate further and return to an expansionary stance. The International Monetary Fund recently made the same recommendation.

The letter also addressed the value of the dollar and the colón’s steady appreciation over the past four years. This situation creates macroeconomic challenges that include low growth, low tax revenue and limited job creation, the letter signed by Canatur President José Martí says.

Canatur compiled statistics that raise concern within the national tourism sector. The association sees them as signs of declining competitiveness. Tourist arrivals in Costa Rica grew by 1 percent in 2025 compared to 2024. Other countries posted much higher growth rates. Panama reported a 29 percent increase, the Dominican Republic 35 percent, Guatemala 44 percent, Colombia 50 percent and El Salvador 92 percent.

Growth in visitor arrivals stayed concentrated among guests who stay at the most expensive hotels and use higher-end services. Arrivals at Guanacaste Airport grew by 51 percent. Those at Juan Santamaría Airport decreased by 2 percent between 2019 and 2025. Ninety percent of industry players report cash flow pressures when they receive payments in dollars for prices agreed months in advance. Employment in the tourism sector fell by 9 percent between 2024 and 2025.

Failing to act at this time will unnecessarily prolong the decline in economic activity, exacerbate job losses and further weaken the country’s competitiveness, Canatur said.

Trending Now

Costa Rica International Reserves Near Record $21 Billion

Costa Rica’s international reserves have climbed to one of the highest levels in our country’s history, nearing $21 billion and giving the Central Bank...

Costa Rica Press Freedom Under Scrutiny After US Visa Revocations

Just days before Costa Rica inaugurates its new president, a deeply troubling development has cast a shadow over the country’s long-standing reputation as a...

El Salvador Advances Geothermal Expansion with World Bank Support

Geothermal energy supplies about 21 percent of El Salvador’s net electricity, placing the country among the world’s leaders in its use of this renewable...

Costa Rica Named in U.S. Legal Fight Involving Former San Antonio Spurs Owner

Costa Rica has been pulled into a high-profile legal dispute in Texas involving Peter M. Holt, the former controlling owner of the San Antonio...

Costa Rica Names New Head of Costa Rica Tourism Institute

President-elect Laura Fernández has named Marcos Borges as the incoming executive president of the Costa Rican Tourism Institute (ICT), placing him in one of...

Costa Rica Warns Fuel and Food Prices May Rise From Middle East Shock

Costa Rican consumers are expected to begin feeling the first effects of the inflationary shock linked to the conflict in the Middle East starting...
Loading…

Latest News from Costa Rica

Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Travel