The U.S. dollar will continue its growth trend and could climb to COP1,900 this year, an economist said Thursday.
The fall in foreign investment and fewer dollars are the primary causes of the peso’s retreat against the dollar this year, economist Jose Manuel Restrepo told Caracol Radio.
Regarding the impact of the dollar possibly rising to above 1,900 pesos, Restrepo said it “makes us winners, because it will strengthen the domestic economy”.
The Colombian government and central bank have for years been implementing measures to lower the value of the peso that had steadily become so expensive it was hurting exports of iconic industries like that of the coffee and flower growers.
The peso’s downward trend began at the beginning of this year, hitting a 16-month low on Wednesday. By Friday morning, the dollar had grown even stronger against the peso and was valued at COP1,873.4.
MORE: Colombian peso hits 16-month low against dollar
Sources
- (Radio Caracol)