Costa Rica’s massive currency crash is making even American tourists more expensive
As the high season progresses, Costa Rica is facing a growing crisis: so is its national currency – the colón rose against the US dollar, making travel increasingly expensive for tourists and putting pressure on local hotels and tour operators.
Dollar hits 20-year low – and that’s bad news for visitors
On December 6, 2025, the Central Bank of Costa Rica reported that the dollar exchange rate stood at ₡488–₡490 – the weakest level since 2005. Over the past three years, the colon has appreciated by almost 27%, from levels above ₡640 per dollar in mid-2022.
For travelers from the US or Europe, this means every dollar is bought much less colones – increasing local currency costs for accommodation, food, tours and transportation. A hotel stay or jungle tour booked in Colones can now feel significantly more expensive when converted back into dollars or euros.
Local industry expresses concern – and warns of consequences
The currency crisis does not only affect tourists. According to the country’s main tourism organization, CANATUR, many tourism businesses are micro, small or medium-sized enterprises and are feeling the pressure. “This creates a financial gap that threatens stability,” said CANATUR’s Executive Director Shirley Calvo.
Because operating costs – employee wages, utilities, maintenance, supplies – are paid in colones while revenues come in dollars, the margin squeeze is severe. The result? Some operators are raising prices, others will scale back their services, and some could even close altogether if the situation continues.
The hotel sector shares the concerns. The Costa Rican Chamber of Hotels says the collapse in rates is hitting margins at a critical time – just when demand typically peaks for beaches, national parks and leisure travel.
Costa Rica loses its price advantage: tourists look elsewhere
Travel industry analysts warn that Costa Rica is losing its competitive advantage against regional rivals such as Mexico, Panama, Colombia or the Dominican Republic – where exchange rate conditions remain more favorable.
Some early signs are already visible: the number of air arrivals between January and August 2025 fell by 2.1% compared to 2024. For American tourists – who make up a large share of visitors – hesitation and shrinking purchasing power are cited as the main reasons.
What it means for the 2025-2026 travel season
Because the colón is likely to remain strong unless there are changes in monetary policy, travelers throughout Costa Rica can expect higher prices, even compared to previous “expensive” seasons. If you’re a traveler: budget more, book ahead, pay attention to exchange rates – or consider alternative destinations in Central America or the Caribbean.
For tour operators and hoteliers, the message is urgent, with many calling on authorities to consider policy measures to ease burdens and safeguard a sector that supports thousands of jobs, from San José to coastal and rainforest areas
