The euro traded at the close to 39.09 Nicaraguan cordobas, representing a rise of 0.54% compared to 38.88 Nicaraguan cordobas the previous day.
In the last week, the euro registered a rise of 1.69%; but in year-on-year terms it still maintains a decline of 6.06%. In relation to the changes of this day compared to previous days, the meaning of the previous data changed, where a decrease of 0.27% was recorded, recently showing a lack of stability in the results. The volatility of the last seven days showed a higher performance than the volatility shown in the last year's data, indicating that it is showing a more unstable behavior.
In the last year, the euro has changed at a high of 40.43 Nicaraguan córdobas, while its lowest level has been 38.44 Nicaraguan córdobas. The euro is closer to its minimum than its maximum.
Córdoba is the currency unit of legal use in Nicaragua and is abbreviated NIO; it is divided into 100 cents and its circulation is controlled by the Central Bank of that country.
The coin takes its name 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 introduced 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 a value 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 administration in turn launched a successful monetary stabilization plan that managed to curb hyper-devaluation and obtained stability in prices, exchange rate and currency. 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 increased from 13.5% in 2019 to 14.6% in 2021. In addition to the pandemic, this country also fell prey to hurricanes Eta and Lota, which left great havoc.
In this context, it is added that the 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 achieved his re-election were branded as fraud.
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 SARS-CoV-2 pandemic.
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