Last day the US dollar traded at the close at 3,821.01 Colombian pesos on average, representing a decrease of 0.26% compared to the previous day's figure, when it ended with 3,830.92 Colombian pesos on average.
Taking into account last week, the US dollar accumulated a rise of 0.13%, so in year-on-year terms it still maintains a rise of 4.45%. Compared to previous dates, the meaning of the previous data changed, which resulted in an increase of 0.58%, recently showing a lack of continuity in the results. With reference to the volatility of the last week, it presented a significantly lower behavior than the volatility reflected in the last year's figures, therefore its price is showing less variation than expected in recent days.
In the last year, the US dollar has changed by a high of 4,078.55 Colombian pesos on average, while its lowest level has been 3,731.72 Colombian pesos on average. The US dollar is positioned closer to its minimum value than to the maximum.
The Colombian currency 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.
There are currently coins of 50, 100, 200, 500 and 1,000 pesos in circulation, the latter had its first circulation between 1996 and 2002, however, it lost acceptance 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 coronavirus 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 declared that the Colombian economy could be the fastest growing in Latin America in 2022, after it maintains 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 pointed out that even the country's economy could reach 10%; growth would not stop ahead of 2023, as there is also an expected increase of 2.3%.
Among the adversities faced by 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 as a result of the COVID-19 pandemic.
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Agencies