The US dollar is trading at the opening at 35.55 Nicaraguan córdobas, so it represented a 10% decrease compared to the previous day's price, when it ended with 39.50 Nicaraguan cordobas.
In relation to last week's profitability, the US dollar accumulated a decrease of 0.28%; although for a year it has still accumulated a 2.5% increase. If we compare the data with previous days, it chains two consecutive days in negative. With reference to the volatility of the last week, it shows a behavior that is visibly higher than the volatility reflected in the figures of the last year, showing itself as an asset with greater variations than expected.
In the annual photo, the US dollar has even changed by a high of 39.53 Nicaraguan córdobas, while its lowest level has been 34.75 Nicaraguan cordobas. The US dollar is positioned closer to its minimum value than to the maximum.
Nicaraguan
Cordoba Cordoba is the currency unit of legal use in Nicaragua and is abbreviated NIO; it is divided into 100 cents and its transit is controlled by the Central Bank of that country.
The name of the coin comes in honor of the second surname of the Spanish conquistador, Captain Francisco Hernández de Córdoba, who also founded the cities of Granada and León.
Cordoba was created on August 25, 1908, under the mandate of then-President Adolfo Díaz, who issued a coin of 10 córdobas and replaced the peso. The new currency had at the time an exchange rate of 5 córdobas per pound sterling.
On November 13, 1931, córdoba began trading at a parity rate of 1.10 córdobas per US dollar, but after several devaluations it rose to 7 córdobas per US dollar between 1946 and April 1979.
It was until 1991 that the government in turn launched a successful monetary stabilization plan that succeeded in curbing hyper-devaluation and obtained price, exchange rate and monetary stability. As of January 1993, the country switched to the mini-evaluation system, which since 2019 has been 3% per annum.
In the economic sector, Nicaragua has recorded significant falls. In 2018 and 2019 the Gross Domestic Product decreased by -3% and in 2020 by -2%, although it increased slightly in 2021, the Nicaraguan economy is only above Venezuela.
In addition, under the current government of Daniel Ortega, the World Bank has estimated that poverty rose from 13.5% in 2019 to 14.6% in 2021. In addition to the coronavirus, this country also fell prey to hurricanes Eta and Lota, which left great havoc.
Inaddition to this scenario, United States and European Union sanctions on the nation have led the country to ally with Venezuela, Cuba and China, which was reinforced after the last elections in which Ortega won his re-election were branded as fraudulent.
According to a projection by the Economic Commission for Latin America and the Caribbean (ECLAC), Nicaragua, as well as Guatemala or the Dominican Republic, will not reach its economic level in 2022 as before the coronavirus pandemic.
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