The euro is trading at the opening at 4,100.99 Colombian pesos on average, a decrease of 1.48% compared to the previous day's figure, when it ended with 4,162.60 Colombian pesos on average.
Taking into account last week, the euro recorded a decline of 1.57%, which is why in year-on-year terms it still accumulates a decrease of 7.51%. For past dates, it chains three successive sessions in negative values. With reference to the volatility of the last week, it is 15.68%, which is clearly higher than the annual volatility figure (11.94%), so it is showing a more unstable behavior.
In the last year, the euro has reached a maximum of 4,571.70 Colombian pesos on average, while its lowest level has been 4,076.20 Colombian pesos on average. The euro is placed closer to its minimum than its maximum.
Hope for 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.
There are currently coins of 50, 100, 200, 500 and 1,000 pesos in circulation, the latter having its first circulation between 1996 and 2002, however, it lost popularity because it was very easy to fake.
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 predicted that the Colombian economy could be the fastest growing in Latin America by 2022, after maintaining 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 calculated that even the country's economy could reach as high as 10%; growth would not stop by 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 as a result of the COVID-19 pandemic.
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Agencies