Sunday, 9 August 2020

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

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.

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.

- paying the bills -

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.

 

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

- paying the bills -
- paying the bills -
Q24N
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

Sinaloa Cartel ring leader in Costa Rica is sentenced to 12 years in prison

Antonio León Rojas, a Mexican national and member of the Sinaloa...

South America ignores Europe and reopens as virus peak nears

(AP) — South American countries on Monday began easing COVID-19 restrictions...

MOST READ

Costa Rica tourism promoter reports cancellations due to expensive insurance

(QCOSTARICA) The International Air Transport Association (IATA) and Futuropa, an organization specialized in promoting Costa Rica as a tourist destination in Europe, warn that...

President Alvarado announced 15% pay cut of his cabinet

(QCOSTARICA) President Carlos Alvarado announced Thursday that his has asked his Ministers and executive presidents of public institutions, to join him in a 15%...

Latin America current epidemic battleground

Latin America is becoming the epicenter battleground for the Covid-19 pandemic, with sharply rising numbers of infections and deaths. Yet scant testing services in...

Tourists can now enter the country with international insurance!!!

(QCOSTARICA) Costa Rica President Carlos Alvarado; and the ministers of Health, Daniel Salas; and Public Safety, Michael Soto, issued an Executive Decree this Wednesday...

Caturga asks to allow flights from the U.S. to Guanacaste

(QCOSTARICA) The Guanacaste Chamber of Tourism (Caturgua) is requesting that the Government allow the arrival of tourists from the United States this month of...

Prosecutor’s Office: suspect drowned tourist in the sea and stole her cell phone

(QCOSTARICA) Mexican tourist María Trinidad Matus Tenorio was drowned on the beach of Santa Teresa in Cóbano, and the alleged suspect in killing her...

Let's Keep This Going!

To be updated with all the latest news and information about Costa Rica and Latin America.

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