Wednesday, May 31, 2023

Colombian Peso Climbs to Highest Level Since July 2011

(BLOOMBERG) Colombia’s peso jumped to a 17-month high after U.S. lawmakers passed a bill averting tax increases that had threatened the economic recovery.

The currency appreciated 0.5 percent to 1,757.80 per dollar at 9:57 a.m. in Bogota. Earlier it touched 1,750.50, the strongest level since July 2011. The peso rallied 9.7 percent in 2012, the most after the Polish zloty and Hungarian forint among 171 dollar counterparts tracked by Bloomberg.

- Advertisement -

“Investors are euphoric,” Marisol Torres, an analyst at Bogota-based Helm Bank SA (PFBHELMB), said in a phone interview. Stocks and commodities surged globally after the U.S. accord.

The peso was the world’s third-best-performing currency in 2012 as army victories over guerrillas opened up swaths of the countryside to mining and oil production. Colombia’s central bank chief Jose Dario Uribe said on RCN Radio today that the strong peso is a concern and reiterated that Banco de la Republica will buy at least $20 million a day through at least the first quarter. Policy makers will double daily purchases to a minimum of $40 million should the currency extends its increase, Torres said.

The yield on Colombia’s 10 percent peso-denominated securities due in July 2024 rose two basis points, or 0.02 percentage point, to 5.67 percent, according to the stock exchange.

- Advertisement -

We strive for accuracy in its reports. But if you see something that doesn't look right, send us an email. The Q reviews and updates its content regularly to ensure it's accuracy.

"Rico" is the crazy mind behind the Q media websites, a series of onlinemagazines that includes Rico brings his special kind of savvy to online marketing. His websites are engaging, provocative, informative and sometimes off the wall, where you either like or you leave it. The same goes for him, like him or leave him.There is no middle ground. No compromises, only a passion to present reality as he sees it!

Related Articles

Colombia has one of the lowest minimum wages in Latin America

QCOLOMBIA - 2023 starts and with it many of the workers...

Colombia and Venezuela reopen border crossing after 7 years

QCOLOMBIA - Colombia and Venezuela on Monday, September 26, 2022, reopened...
- paying the bills -


- paying the bills -


Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!