Wednesday, 28 October 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.

- 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 -
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

Central Bank makes biggest intervention of the year on the dollar exchange

QCOSTARICA - The Banco Central - Central Bank - made today,...

Do not be alarmed by dollar exchange at ¢600, it is a cyclical behavior

(QCOSTARICA) The behavior of the dollar exchange in recent weeks has...

MOST READ

Dollar is approaching crisis prices after fiscal gap … should we be scared?

QCOSTARICA - The emergency that the country went through at the end of 2018 due to the lack of liquidity at that time had...

COVID-19 in Costa Rica: 1,503 new cases for Wed October 21

QCOSTARICA - Following a drop in the new cases daily since Sunday, there was a spike on Wednesday, with the Ministry of Health reported...

Will we see the 50% reduction in the 2021 Marchamo? I think so, yes…

RICO'S TICO BULL - On Thursday, on the legislative agenda was the thing (bill) about the reduction of the 2021 Marchamo. Had it been...

“Gag Law” approved by Ortega will enter into force in 60 days

TODAY NICARAGUA – The 70 votes of the ruling Frente Sandinista (Sandinista Front) in the National Assembly approved, without opposition, the Special Law on...

Avianca reopens travel to Central and South America

QCOSTARICA - Avianca, the Colombian airline, announced that it will resume its operations to Costa Rica with options for travel to Central and South...

Legislator: “There is no prostitution anymore because there is no tourism”

QCOSTARICA - In the middle of the discussion about the project to revive trawling on Thursday, independent legislator Zoila Rosa Volio was very critical...

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.

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.