The tourism industry is increasingly worried about the exchange rate and the government’s lack of action. They highlight the damaging effects on workers, warning of potential job losses soon if no concrete measures are taken.
Rubén Acón, President of the National Chamber of Tourism, warns that the rising value of the colon and the record-low dollar values at banks are driving the industry towards a new crisis. As the tourism sector struggles to recover from the pandemic, it now confronts another financial obstacle.
Acón says tourism businesses are operating at unmanageable losses, putting thousands of jobs at risk across the country. He criticizes the Central Bank of Costa Rica for not intervening in the foreign exchange market to address the issue.
On December 18, Canatur sent a letter to the Central Bank’s Board of Directors, urging them to acknowledge the adverse effects of their decision not to stabilize the exchange rate.
Acón is disappointed with the decisions made by the Central Bank and the government. He comments, “Despite our repeated requests, the Central Bank has chosen to ignore a serious situation that puts the financial stability of companies and the sector’s competitiveness at risk. We regret that the only response we have received is silence, inattention, and indifference.”
The essential tourism sector, which drives Costa Rica’s economic growth, employment, and community development, requests the Minister of Tourism’s involvement. Acón calls for changes in monetary policy to stabilize the exchange rate and reduce the sector’s negative consequences.
President Rodrigo Chaves defended the exchange rate earlier this month, indicating there will be no further changes. He said, “Last November was the tourism sector’s best-ever performance, and there have been a record number of seats reserved for the high season. It seems to me that the sectors continue to gain strength, while the banks are losing out.”
Key Takeaways From Article
1. Stay informed about the exchange rate: Given the concerns raised by the tourism industry, it is important for travelers to stay updated on the current exchange rate of the local currency. This will help you make informed decisions regarding your travel expenses.
2. Consider the impact on tourism workers: The text highlights the potential job losses in the tourism sector if no decisive steps are taken. As a responsible traveler, consider supporting local businesses and engaging in activities that directly benefit the local communities and workers.
3. Be aware of the economic challenges faced by tourism companies: The tourism industry is operating at unsustainable losses, which could further impact the quality of services provided. Take this into account when planning your trip and manage your expectations accordingly.
4. Seek advice from local tourism authorities: If you have concerns or questions about the economic situation in the destination you are planning to visit, reach out to local tourism authorities or consult with reputable travel agencies. They can provide you with valuable insights and advice tailored to your specific needs.
5. Evaluate the competitiveness of the sector: The text suggests that the tourism sector’s competitiveness is at risk due to the current economic challenges. When choosing your travel destination, consider factors such as affordability, availability of services, and overall safety to ensure a positive travel experience.
6. Understand the government’s stance on the issue: As mentioned in the text, the government defends the current exchange rate. It is important to be aware of the government’s perspective and any potential implications it may have on your travel plans. Keep an eye on official announcements and statements to gauge the direction of the tourism industry in the destination.
