In the last day the euro was paid at closing to 4,142.92 Colombian pesos on averageso that it represented a change of 1.09% compared to the 4,098.10 pesos of the previous session.
In reference to the profitability of the last seven days, the euro notes a decrease in 0.12%so that in year-on-year terms there is still a decrease in 8.25%.
Compared to previous days, it reversed the result of the previous day in which it experienced a decrease of 1.38%, demonstrating that it is unable to establish a defined trend in recent dates. Regarding the volatility of the last few days, it is higher than the data obtained for the last year (14.59%), so it presents greater variations than the general trend of the value.
The Bank of the Republic of Colombia predicts that by the end of 2024, the exchange rate will be at a average of 4,081 pesos per dollar. An encouraging forecast, far from the increases that the Colombian currency registered between the end of 2022 and the beginning of 2023.
Refering to inflation, the forecasts are also positive. The trend is expected to be downward and fall to 5.61%, still far from the ideal of three percentage points but without going beyond the 10% it reached in recent months.
The above, however, contrasts with the forecasts of economic growthsince the Bank of the Republic expects it to be 1.2% in 2024.
Like other currencies in the region, such as the Brazilian real or the Mexican peso, the Colombian currency has also been one of the most appreciated in emerging markets.
Only in the first half of the year Colombian peso has achieved great appreciation driven in part by the weakening of the dollar globally, as the greenback has been affected by world events such as the Russian invasion of Ukraine and local economic decisions such as the measures the Federal Reserve has implemented to address inflation.
Locally, the Colombian economy has benefited from the slow discussion that Congress has had on the reforms proposed by President Gustavo Petro.
Becoming one of the most appreciated currencies in Latin America, the peso has reached $4,100 per dollar, which has meant a progress of 16 percent. Some specialists believe that there could be a rebound and it would reach $4,500 pesos.
The euro, the second reference currency in the international market, has also not been immune to the growth that the Colombian peso has registered in recent months, mainly due to the peso-dollar and dollar-euro relationship. The euro has been approaching parity with the dollar and has even become worth less than one dollar, a situation that has not been seen for 20 years.
The Colombian peso is the legal currency in Colombia, usually abbreviated as COP and its circulation is controlled by the Bank of the Republic of Colombia.
Currently there are coins of 50, 100, 200, 500 and 1000 pesos in circulation, the latter had its first circulation between 1996 and 2002, however, it lost popularity because it was very easy to counterfeit.
The 500 and 1000 peso coins are bimetallic, to improve their security and prevent them from being illegally replicated; meanwhile, all denominations They 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.
