Political occasions proceed to drive adjustments within the trade price in Colombia, with the US greenback beginning the day at a median of three,861.33 Colombian pesos, representing a 0.87% enhance from the day past. Over the previous week, the greenback has elevated by 0.88%, though it stays 2.53% decrease than a yr in the past.
The present pattern reveals two consecutive days of constructive values, with decrease volatility in comparison with the earlier yr. The Bank of the Republic of Colombia predicts a median trade price of 4,081 pesos per greenback by the tip of 2024, a far cry from the height ranges seen between 2022 and 2023.
Despite the constructive outlook for inflation, anticipated to lower to five.61%, financial development forecasts stay modest at 1.2% in 2024. The Colombian peso has strengthened prior to now yr, aligning with the appreciation seen in different rising market currencies just like the Brazilian actual and Mexican peso.
The latest power of the peso, reaching $4,100 per greenback, marks a 16% enhance and has sparked hypothesis of a possible rise to $4,500 pesos. The euro has additionally been influenced by the peso’s development, with the forex approaching parity with the greenback for the primary time in 20 years.
In Colombia, the peso is the authorized forex managed by the Bank of the Republic of Colombia. Coins in circulation embrace denominations of fifty, 100, 200, 500, and 1000 pesos, with bimetallic designs that includes the nation’s numerous wildlife.