Colombia: dollar opening rate today March 15 USD to COP

The US dollar is trading at the opening at 3,836.46 Colombian pesos, representing a rise of 1.13% compared to 3,793.61 Colombian pesos the previous day.

In the last week, the US dollar marked a rise of 2.59%, so that in year-on-year terms it still accumulated a 4.15% increase. If we compare the figure with previous days, showing in recent days an absence of continuity in the result. The volatility figure is significantly higher than the data achieved for the last year (11.97%), so it is going through a phase of instability.

In the annual photo, the US dollar has changed by a high of 4,078.55 Colombian pesos, while its lowest level has been 3,731.72 Colombian pesos. The US dollar is placed closer to its low than its maximum.

The Colombian peso

The Colombian peso is the legal tender in Colombia, it is usually abbreviated as COL and its circulation is controlled by the Banco de la República de Colombia.

Currently there are coins of 50, 100, 200, 500 and 1 000 pesos, the latter had its first circulation between 1996 and 2002, however, it lost popularity because it was very easy to counterfeit.

The coins of 500 and 1,000 pesos are bimetallic, to improve their security and prevent them from being illegally replicated; while all denominations 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.

Similarly, and as has happened globally, the SARS-CoV-2 pandemic has also dealt some “blows” to the currency, although not severe enough to destabilize it.

Recently, the Organization for Economic Cooperation and Development (OECD) has predicted that the Colombian economy could be the fastest growing in Latin America by 2022, after maintaining a forecast of growth in its Gross Domestic Product (GDP) of at least 5.5 percent, which means a 3.5% increase with with respect to the last measurement.

Other analysts, such as those at BBVA, have said that even the country's economy could reach as high as 10%; growth would not stop ahead of 2023, as it is also expected that there will be a 2.3% increase.

Among the main challenges facing the Colombian peso are inflation of 5.6 percent, the highest in five years, as well as social inequality, as poverty also rose by five points following the SARS-CoV-2 pandemic.

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