Opening value of the dollar in Colombia this May 23 from USD to COP

Opening value of the dollar in Colombia this May 23 from USD to COP
Opening value of the dollar in Colombia this May 23 from USD to COP

The exchange rate in Colombia has been reacting to political events. (Infobae)

After the opening of markets the American dollar It is negotiated at the beginning of the day today 3,818.24 Colombian pesos on averageso that it implied a change of 0.07% compared to the value of the previous day, when it ended with 3,821.06 pesos.

In the last week, the American dollar registers a drop in 0.25%which is why for a year now there has still been a decline in 4.96%.

Compared to previous dates, it has had two consecutive sessions of decline. The volatility figure is 5.08%, which is a figure noticeably lower than the annual volatility figure (14.57%), so we can say that it is going through a period of greater stability recently.

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 national currency reported 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.

The Colombian peso has strengthened in the last year. (Reuters)
The Colombian peso has strengthened in the last year. (Reuters)

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 that 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.

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