Economist Angélica Gómez warned that the exchange rate has remained stable, but that the Colombian peso is the Latin American currency that has devalued the most
The Colombian peso is one of the most devalued currencies against the dollar. PHOTO: REUTERS
The price of the dollar continues aimlessly, this Thursday in Colombia it fell again. On this day, the currency closed at an average of 4,994.7 pesos, after losing 27.33 against the representative market rate (TRM), which today stood at $5,022.03 pesos.
When the markets opened, a price of was reported$4,960.15, which by 8:30 a.m. m. it reached $4,958.07, about 63.96 pesos below the TRM of the day. During the day the maximum price was $5,022, while the minimum price reached 4,948 pesos.
During the day, 776.23 million dollars, in about 1,300 transactions.
At the end of the day, the dollar was close to $5,000, accentuating the volatility in the exchange rate that has generated fear of the possible announcement of increases in interest rates by the Federal Reserve of the United States (Fed ), in its efforts to push back inflation in the North American country, which, according to figures from the Bureau of Labor Statistics (BLS), registered a slight drop for October, standing at 7.7% per year compared to the record for September, which stood at 8.2%.
A stable week for the dollar price
The economist Angélica Gómez, referring to the behavior of the exchange rate this week, pointed out that, although it has risen again, it has to do with a regional trend.
“This This week we saw that the dollar rose again and although in general it remained below $5,000, the rise responded much more to a regional trend, that is to say, in general throughout Latin America the currencies lost value”.
< p class="paragraph">Gómez also warned that the Colombian currency has been one of the hardest hit in the region:
“What wasn't so cool for Colombia is that we still had one of the biggest devaluations in the region, that is, we were among the worst.”
Finally, the economist stressed that something positive about the week that is ending is that the price of the dollar has been more stable than in the past few weeks.
“To take into account as positive: the dollar was a little more stable, it did not rise as fast as other times and at the same time the interest rates of the public debt fell a little, that is to say that our market is a little calmer” .
This has been the behavior of the Representative Market Rate during November:
< img class="aligncenter" src="/wp-content/uploads/2022/11/the-price-of-the-dollar-in-colombia-dropped-2733-and-closed-close-to-5000-bdedba7.jpg" alt="The price of the dollar in Colombia fell $27.33 and closed close to $5,000" />
Ministry of Finance proposes strategy to curb inflation
Inflation in October closed at over 12%, so from the Ministry of Finance, José Antonio Ocampo revealed a six-point strategy to stop it and control the rise in prices in Colombia.
Among the six points proposed by the Ministry of Finance, mechanisms are contemplated, through the Consumer Price Index, so that the increase in the minimum wage is not the point of reference for the increase in the prices of some products, which usually occurs at the beginning of each year.
It also contemplates sectoral measures and to control food prices, as well as to control the exchange rate, monitor and regulate energy prices as well as gradual increases in fuels so that sharp increases do not affect inflation. Finally, a subsidy for mothers head of household was also announced.