Now the Colombian Peso hit a nine-record high and is close to diving
beneath the 2,000 COP/USD, the currency’s trend calls the attention once more in the middle of a global crisis and its effect on Colombia.
The revaluation of the
Colombian currency has shown a meaningful upward move during the last few months — the second important downward slope of the Dollar against the Peso in the
last five years.
The explanation comes from the jumping of
oil prices with over US$72 a barrel in the market today. By its
part, the Euro is sinking lower as both the peso and the dollar move upward.
Today an Euro cost 2884,8 Colombian pesos and the dollar closed
yesterday in the Colombian stock market at 2.050,78 pesos. Revaluation
shows too the behavior of investors dropping dollars to use other
currencies, even pesos, as stated by Proyectar Valores SA’s head analyst Julian Ramírez to Bloomberg’s website.
Ramirez forecast is that the peso will reach 1,800 per dollar in four
months around. Colombians currency has been so far the strongest
revaluation in Latin America jumping 7.3 percent in the last five
days.
Paradoxically for Colombia that criticized the speculative capital
and the lack of control by the State at the beginning of the global
financial crisis 2008/2009, Ministry of Finance, Oscar Ivan Zuluaga
said to La República
that it is better not to intervene in the foreign exchange market
waiting the strengthen of the different variables. Zuluaga advised to
see the behavior of the international context and how this phenomenon
is happening in all the countries.
For Ministry Zualuaga revaluation is a positive change in the
conditions of the market, because there is more trust and less
perception of risk in the international market. However, economical
conditions can differ from country to country, as it can differ from
sector to sector within a nation.