The US dollar traded at the close at 3,796.01 Colombian pesos on average, a decrease of 0.49% compared to 3,814.76 Colombian pesos on average the previous day.
Taking into account last week, the US dollar registered a decline of 0.91%; on the other hand for a year it has still maintained a rise of 1.36%. As for the changes of this day compared to previous dates, it reversed the price of the previous day, which resulted in an increase of 0.08%, demonstrating that it is not able to establish a stable trend in recent times. The volatility figure was 7.32%, which is clearly lower than the annual volatility figure (11.89%), which is why it is performing more stable than expected in recent times.
In the annual photo, the US dollar has even 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 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 the coins of 50, 100, 200, 500 and 1 000 pesos are in force, 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 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 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 estimated 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 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 following the SARS-CoV-2 pandemic.
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Agencies