He euro It is quoted at the beginning of the day at 4,440.45 Colombian pesos on averagewhich implied a change of 2.71% compared to 4,323.30 pesos the previous day.
If we consider the data from the last week, the euro notes an increase in 0.62%%so in year-on-year terms it still maintains an increase in 1.4%.
Compared to previous dates, it puts a stop to four consecutive sessions with a flat trend. The volatility of the last seven days is noticeably higher than the data achieved for the last year (14.2%), so it is going through a phase of instability.
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 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% it reached in recent months.
The above, however, contrasts with the forecasts of Gross Domestic Product (GDP) 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.
In the first half of the year alone, Colombian peso has achieved a great appreciation driven in part by the weakening of the dollar at a global level, since the greenback has been affected by global events such as the Russian invasion of Ukraine and local economic decisions such as the measures implemented by the Federal Reserve 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 eurothe second currency of reference in the international market, has 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 come to be worth less than a 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 pesos coins are bimetallic, to improve their security and prevent them from being illegally replicated; meanwhile, all the 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.
