Countries › Costa Rica › Guide › 5. FX and capital controls › MONEX, the BCCR reference rate and who may trade foreign currency in Costa Rica
MONEX, the BCCR reference rate and who may trade foreign currency in Costa Rica
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Last verified: 2026-10-29 · Status: Stable
The wholesale dollar market is MONEX, an electronic platform run by the Banco Central inside SINPE where banks, securities brokers and exchange houses trade and where the Banco Central intervenes. Retail buyers deal at each intermediary's posted window rate, which must include all fees, and the Banco Central publishes daily reference buying and selling rates computed from the previous day's transactions. Exchange houses need Banco Central authorisation, ₡15,000,000 of share capital and a ₡30,000,000 guarantee in government or Banco Central securities.
USD figures use the Banco Central de Costa Rica reference selling rate of ₡454.82 per US dollar (buying rate ₡449.44) published for 29 October 2026 (indicators 318 and 317 on bccr.fi.cr), rounded to the cent.
Key facts
| BCCR reference selling rate | 454.82 CRC per USDROCC art. 9, as of 2026-10-29 · in force |
|---|---|
| BCCR reference buying rate | 449.44 CRC per USDROCC art. 9, as of 2026-10-29 · in force |
| Minimum share capital of an exchange house | 15000000 CRCROCC art. 16(d), as of 2026-10-29 · in force |
| Guarantee for exchange houses and brokers | 30000000 CRCROCC art. 13(b) and 16(e), as of 2026-10-29 · in force |
| Spot FX settlement window | 2 business daysROCC art. 1, as of 2026-10-29 · in force |
| BCCR stabilisation purchases, 19 to 26 February 2026 | 259.1 USD millionCP-BCCR-006-2026, as of 2026-03-04 · in force |
The rule
1. Spot FX operations are exchanges of colones for foreign currency settled within two business days, assessed on economic substance. The Banco Central and SUGEF supervised entities may trade for their own account; securities brokers and exchange houses authorised by the Junta Directiva may also act (authorisation lapses if operations do not start within six months). All participants need MONEX access, and regulated entities in MONEX must adhere to the BIS FX Global Code.Reglamento para las Operaciones Cambiarias de Contado, as amended in sessions 6049 and 6215, art. 1 and 2, 2024-10-10 official text · verified 2026-10-29
2. Intermediaries must load their window buying and selling rates into MONEX before each day opens and within ten minutes of any change, display them at the window and on their websites, and include every commission or charge so the quoted rate is the final amount the client receives or pays; they report daily trades with the public by noon of the next business day.ROCC, art. 3 and 5, 2024-10-10 official text · verified 2026-10-29
3. Authorised entities transfer to the Banco Central 25% of their total positive exchange intermediation margin (average spread times daily foreign currency sales), by the next business day.ROCC, as amended in session 5706, under Ley 7558 art. 97, art. 5, 2015-11-04 official text · verified 2026-10-29
4. Foreign currency positions of intermediaries supervised by SUGEF and SUGEVAL must stay between plus and minus 100% of equity at each day's close and may vary by up to 3% of equity a day from FX trades. MONEX participants must keep firm buy and sell offers at their window rates sized at 0.50% of their average trades with the public over the prior five business days.ROCC; Ley 7558, ROCC art. 4 and 18; Ley 7558 art. 88, 2024-10-10 official text · verified 2026-10-29
5. An exchange house must obtain Junta Directiva authorisation after a SUGEF opinion, publish its application in a national newspaper for objections within ten calendar days, hold minimum share capital of ₡15,000,000, post a guarantee of at least ₡30,000,000 in Government or Banco Central securities held in a trust, disclose shareholders down to natural persons with criminal record certificates, and display its authorisation and rates. Securities brokers post the same ₡30,000,000 guarantee after a SUGEVAL opinion.
Cost to do it: Capital ₡15,000,000 (about US$32,980.08) plus guarantee ₡30,000,000 (about US$65,960.16), before legal and compliance costs.ROCC, art. 13 and 16, 2020-11-11 official text · verified 2026-10-29
Cost to do it: Capital ₡15,000,000 (about US$32,980.08) plus guarantee ₡30,000,000 (about US$65,960.16), before legal and compliance costs.ROCC, art. 13 and 16, 2020-11-11 official text · verified 2026-10-29
6. Breaches by intermediaries are sanctioned by the Banco Central Junta: written warning for a first regulatory breach, suspension from the FX market for 1 to 30 business days for legal breaches or repeat breaches within a year, and cancellation of the authorisation for two years after more than three legal breaches in two years.Ley 7558; ROCC, Ley 7558 art. 93; ROCC art. 22, 2024-10-10 official text · verified 2026-10-29
7. The Banco Central may buy and sell foreign currency in the market to avoid violent fluctuations and to meet its own needs, within limits set by the Junta; in February 2026 it bought US$259.1 million in stabilisation operations (19 to 26 February), US$234.2 million for the non banking public sector and US$192.2 million to strengthen reserves, equal to 73.25% of MONEX volume in the period, describing this as consistent with a managed float.Ley 7558; ROCC; BCCR communiqué CP-BCCR-006-2026, Ley 7558 art. 87; ROCC art. 7, 2026-03-04 official text · verified 2026-10-29
| Operation | Rate | Colones |
|---|---|---|
| Company buys US$100,000 | ₡454.82 selling reference | ₡45,482,000 |
| Company sells US$100,000 | ₡449.44 buying reference | ₡44,944,000 |
| Round trip cost | ₡5.38 per dollar | ₡538,000 (about US$1,182.89) |
Spread cost on a US$100,000 conversion at the 29 October 2026 BCCR references.
Worked example
- A company converting US$100,000 of sales into colones at the buying reference receives about ₡44,944,000, while buying the same amount back costs about ₡45,482,000; the ₡538,000 gap (about 1.2%) is the reference spread, and actual window rates differ by bank.
Step by step
- Compare posted window rates across banks; they must include all fees.
- For large amounts ask your bank for a quote tied to MONEX rather than the retail window.
- Check the BCCR reference rate published each business day for accounting, tax and contract conversions.
- To open an exchange house, prepare the capital, guarantee, shareholder files and newspaper notice before filing with the Banco Central.
Common traps
- The reference rate is backward looking (previous day's trades); intraday market rates can differ.
- Window rates differ between banks and for cash versus transfers; agree the rate source in contracts.
- Unauthorised money changing is penalised at 25% of the amount traded (Ley 7558 art. 92).
Sources
- Reglamento para las Operaciones Cambiarias de Contado, BCCR session 5293-2006 as amended (SCIJ, version 25)
- Ley 7558, Ley Orgánica del Banco Central de Costa Rica (SCIJ, current version)
- BCCR Junta Directiva session 5677-2015, managed float regime (SCIJ)
- BCCR communiqué CP-BCCR-006-2026 on February 2026 MONEX interventions
- BCCR reference selling rate, indicator 318 (bccr.fi.cr)
Related pages
- fx/overview
- fx/foreign-currency-contracts-and-payments
- https://theargentinethread.com/guide/
- /country/costa-rica/
- /calendar/
- Live dashboard
Related: Costa Rica country profile · live dashboard · central bank and release calendar · our posts on X · where Argentina is involved, see The Argentine Thread guide
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