The Rising Dollar: How Colombian Consumers are Impacted
The rising price of the dollar has been a cause of concern for many Colombian consumers. Imported products are now more expensive, and the local currency has been devalued. This has indeed affected many, but there is a silver lining for some.
Savers in foreign currency are actually benefitting from this situation. In the face of a sudden rise, they can sell the currencies they have saved and make a profit, thus minimizing the impact of the rising dollar on their finances. As a result, financial experts are recommending progressive savings in foreign currency to protect one’s purchasing power.
One of the most convenient ways to save in foreign currency is through the purchase of physical dollars. Exchange houses play a crucial role in facilitating the purchase and sale of different currencies. They operate autonomously, determining their prices based on supply and demand, without state intervention.
As of February 8, exchange houses in Colombia were buying dollars at a price of $3,720 and selling them at $3,850. However, these reference prices can vary over time and depending on the location of the exchange establishment. For example, in Bogotá, the purchase price ranged from $3,740 to $3,820, while in Medellín, it ranged from $3,660 to $3,830.
The dollar has experienced a general rise in value over the past six days. This has prompted many to consider purchasing foreign currency, with no limit on the amount. However, individuals planning to use the dollars for international travel must declare amounts exceeding $10,000.
Despite the challenges posed by the rising dollar, some consumers have found a way to benefit from the situation. Whether through savings or investments in foreign currency, many are taking measures to safeguard their finances from the impact of the devalued local currency.