Thursday 16 September 2021

Colombia’s Peso Falls to All-Time Low Against US Dollar

Paying the bills

Latest

MOPT eliminates driver re-education for points accumulated in license for violating vehicle restriction

QCOSTARICA - Drivers who were sanctioned for violating the...

Costa Rica celebrated its 200th!

QCOSTARICA  - The 200 years of the Independence of...

Legislator Melvin Núñez, who rejected the vaccine, hospitalized

QCOSTARICA - Restauración Nacional party legislator, Melvin Núñez, who...

Electronic payment in tolls on Ruta 1 will not be automatic

QCOSTARICA - Electronic payment in toll stations located in...

Half of tax collected in marchamos and fuels would not reach roads

QCOSTARICA - It is reasonable to believe the major...

Today’s Vehicle Restriction September 16: Plates ending in “7 & 8” CANNOT circulate

QCOSTARICA - For today, Thursday, September 16, vehicles with...
Paying the bills

Share

Colombia’s currency devalued Monday to an all-time low against the United States dollar which topped at 3,480 COP, becoming the region’s weakest currency.

Colombia’s currency (peso) declined in value Monday to an all-time low against the U.S. dollar.

In February, the dollar reached to 3,379 COP, but the record dropped again and the Colombian currency lost about 12.5% after the Central Bank said it would stop purchasing the U.S. currency.

However, the drop was further exacerbated by Finance Minister Alberto Carrasquilla Barrera’s presentation of next year’s budget, and by the Central Bank’s announcement that it had lowered the country’s growth rate by 0.5 percentage points.

- Advertisement -

The right-wing government had introduced a tax plan last year that may have, according to analysts, affected Colombians’ purchasing power, without mentioning that the country’s unemployment rate, which has been on the rise for years, also increased faster since Duque took office and appointed Carrasquilla.

The controversial finance minister, who appeared on the Panama Papers, legalized a tricky investment plan for the municipalities when he was the minister of former President Alvaro Uribe. He then created a company to enrich himself with this same plan, while ten percent of Colombia’s municipalities nearly went bankrupt.

As Wednesday marks one year in office, President Ivan Duque appears unable to boost economic growth when exports, as well as the domestic market, struggle to take off.

Colombian population and international economists have expressed concerns over the government’s management of the situation while Carrasquilla and Duque are still optimistic.

 

- Advertisement -

Article originally appeared on Today Colombia and is republished here with permission.

- Advertisement -
Paying the bills
Q24N
Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

Related Articles

Costa Ricans lose hope of a low dollar

QCOSTARICA - In December, Costa Ricans expected the dollar exchange rate...

What’s the Mu variant? And will we keep seeing more concerning variants?

Q HEALTH - This week the World Health Organization named a...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.

Article originally appeared on Today Colombia and is republished here with permission.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.