On the last day, the US dollar traded at 3,793.61 Colombian pesos at the close, which represented a decrease of 0.59% compared to 3,816.01 Colombian pesos the previous day.
If we consider the data for the last week, the US dollar accumulates an increase of 0.6%, so that in year-on-year terms it still maintains a 2% increase. Compared to earlier dates, it turned the tables compared to the previous day, in which it marked an increase of 0.02%, demonstrating that it is not able to set a trend in recent times. In the last week, volatility was visibly higher than that accumulated in the last year, which shows that it is showing a more unstable behavior.
In the last year, the US dollar has changed at a high of 4,078.55 Colombian pesos, while its lowest level has been 3,731.72 Colombian pesos. The US dollar is closer to its minimum value than to the maximum.
The Colombian peso
The Colombian peso is the legal tender in Colombia, it is usually abbreviated as COL and its circulation is controlled by the Banco de la República de Colombia.
There are currently coins of 50, 100, 200, 500 and 1,000 pesos in circulation, the latter having its first circulation between 1996 and 2002, however, it lost popularity because it was very easy to counterfeit.
The coins of 500 and 1,000 pesos are bimetallic, to improve their security and prevent them from being illegally replicated; while all denominations have designs that allude to the biodiversity that exists in the country, including the spectacled bear, the flag macaw, the glass frog, the loggerhead turtle, among others.
Similarly, and as has happened globally, the SARS-CoV-2 pandemic has also dealt some “blows” to the currency, although not severe enough to destabilize it.
Recently, the Organization for Economic Cooperation and Development (OECD) has estimated that the Colombian economy could be the fastest growing in Latin America in 2022, after it maintains a forecast of growth in its Gross Domestic Product (GDP) of at least 5.5 percent, which means an increase of 3.5% with respect to the last measurement.
Other analysts, such as those at BBVA, have calculated that even the country's economy could reach as high as 10%; growth would not stop by 2023, as it is also expected that there will be a 2.3% increase.
Among the main challenges facing the Colombian peso are inflation of 5.6 percent, the highest in five years, as well as social inequality, as poverty also rose by five points following the COVID-19 pandemic.
Agencies
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