Costa Rican Businesses Increasingly Charge in Dollars Rather Than Colones

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    The Costa Rica News (TCRN) – Although officially the country’s currency is the colon, shops are leaning to price their goods in dollars, which impacts the price of the item’s value.

    This is because many imported products or industries depend on the international market, as in the case of tourism. Also some businesses have implemented this tactic due to the uncertainty of the currency in the future.

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    In this situation, the Ministry of Economy, Industry and Commerce (MEIC) has warned that businesses should apply the exchange rate of the Central Bank of Costa Rica and not other institutions, as the selling price of the dollar may be more expensive.

    In addition, the consumer should have the option to pay in U.S. currency if preferred. According to MEIC, dollar sales are more common in vehicles, real estate and tourism.

    Isabel Vargas, president of the Chamber of Tourism said her industry has been losing money because the dollar has remained in the lower range in recent years and is now starting to find the balance point, although it’s still not enough.

    She argues that when it’s cheap, it’s loss for them, as many of their suppliers charge in colones and wages paid are in the national currency.

    She is sure that the current price of the dollar will begin to impact many products, especially in the case of imported goods, such as clothing, some furniture and appliances.

    There is no regulation preventing retailers to sell their products in dollars when you purchased it.

    According to Vargas, despite the tendency of the charge in dollars, the nation is nowhere near “dollarizing” its economy, as it requires drastic changes in economic and wage policy to take that step.

    The Costa Rica News (TCRN)

    San Jose, Costa Rica

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