Colombia’s peso hit its lowest point of the century on Thursday morning with one US dollar worth 2,972 pesos, eight pesos more than the previous record set in 2003.
For a year, the peso has been losing value against the dollar due to low crude oil prices.
Oil makes up more than half of Colombia’s exports and 20% of government revenue.
The record low of the peso has forced the government to propose cutting government spending in the 2016 budget, while having to up this year’s projected inflation from 3% to 4.5%.
Nevertheless, Colombia’s Central Bank president seemed not too worried about the national economy.
According to Caracol Radio, Central Bank President Jose Dario Uribe said “the depreciation of the peso is a natural economic phenomenon.”
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