In the last day the American dollar was negotiated at closing 4,139.92 Colombian pesos on averagewhich represented a change of 1.3% compared to the previous day’s figure, when it was quoted at 4,086.75 pesos.
In the last week, the American dollar registers a decrease in 0.5%%; On the contrary, in the last year it still maintains an increase in 5.33%.
In relation to previous days, it reversed the data from the previous session where it experienced a decrease of 0.33%, showing that it is not capable of consolidating a trend defined in recent dates. Regarding the volatility of the last few days, it presented a balance slightly higher than the volatility shown in the figures for the last year, therefore it is presenting a more unstable behavior.
The Bank of the Republic of Colombia expects 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 peaks that the national currency registered between the end of 2022 and the beginning of 2023.
Refering to inflationthe 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 reaching the 10% that it reached in recent months.
The above, however, contrasts with the forecasts of growth of the Gross Domestic Product (GDP)since 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 tender 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.
