In the last session, the US dollar traded at the close of 35.53 Nicaraguan cordobas on average, accounting for 0.06% compared to the previous day's figure of 35.55 Nicaraguan cordobas on average.
Compared to last week, the US dollar fell by 10.12%; despite this, for a year it has still maintained an increase of 1.72%. Compared to previous days, it reversed the result of the previous day where it experienced a rise of 2.61%, without managing to set a stable trend in recent times. The volatility for the last week is significantly higher than the numbers achieved for the last year (15.7%), so it shows greater changes than the general trend in value.
In the annual photo, the US dollar has even changed by a high of 39.53 Nicaraguan córdobas on average, while its lowest level has been 34.75 Nicaraguan cordobas on average. The US dollar is placed closer to its low than its 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 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 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 economic terms, 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 coronavirus, 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 recover its economic level in 2022 as before the COVID-19 pandemic.
Agencies
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