Colombia suspends ‘most important project of this century’
How to end the war in western Colombia?
Colombia’s government talks peace with ELN in Cuba
Colombia and Venezuela reestablish diplomatic ties
How to keep Venezuela’s diaspora in Colombia safe?
Colombia’s new government proposes tax reform to finance...
Peace talks with Colombia’s ELN guerrillas ‘about to...
Colombia’s largest paramilitary group announces unilateral ceasefire
The men and women who will govern Colombia...
Gustavo Petro sworn in as Colombia’s new president
  • About
  • Support
  • Newsletter
  • Contact
Colombia News | Colombia Reports
  • News
    • General
    • Analysis
    • War and peace
    • Elections
    • Economy
    • Culture
    • Sports
    • Science and Tech
  • Travel
    • General
    • Bogota
    • Medellin
    • Cali
    • Cartagena
    • Antioquia
    • Caribbean
    • Pacific
    • Coffee region
    • Amazon
    • Southwest Colombia
    • Northeast Colombia
    • Central Colombia
  • Data
    • Economy
    • Crime and security
    • War and peace
    • Development
    • Cities
    • Regions
    • Provinces
  • Profiles
    • Organized crime
    • Politics
    • Armed conflict
    • Economy
    • Sports
  • Lite
  • Opinion
(Image credit: Julian Castro)
Economy

Colombia peso hits record low, dollar closing in on COP3000 mark

by Adriaan Alsema August 6, 2015

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.”

 

Colombia peso

Trending

  • Colombia to seek decriminalization of drugs despite US objections

  • Medellin’s secret history of violence against women and girls

  • How serious is Colombia’s president-elect about fighting corruption?

Related articles

  • Colombia’s peso sinks to record low amid unrest and economic uncertainty

  • Colombia’s peso hits all-time low: US dollar breaks through COP3500 mark

  • Colombia peso drops after Duque election victory

  • RSS

@2008-2019 - Colombia Reports. All Rights Reserved.
Powered by Digitale Zaken and Parrolabs


Back To Top