The Colombian Peso Is at a Seven-Year High — What It Does to Your Money
Colombia · MONEY Key Facts —Today’s rate: The official TRM is 3,048.12 pesos to the dollar, in force from Saturday 22 to Monday 24 August. —The move: Down 80.53 pesos, or 2.57 percent, on the week. —How far back: The strongest official rate since 9 October 2018, almost seven years. —Since our last guide: 3,127.51 […] The post The Colombian Peso Is at a Seven-Year High — What It Does to Your Money…
Colombian peso reaches seven-year high against the dollar. The official rate of 3,048.12 pesos to the dollar is the highest since October 2018. It has dropped 80.53 pesos, or 2.57 percent, over the past week. This is the lowest official rate since 9 October 2018. The peso has strengthened due to a public-spending freeze, a reduction in spending of COP 60 trillion, a 12 percent policy rate held by the central bank, and plans to buy up to US$4 billion of reserves.
The dollar index has hit a three-month low near 98.50. For those living in Colombia, the stronger peso means a pay cut without any change in their living situation. Converting dollars to pesos at this rate is currently not advisable, as it would result in a loss of purchasing power.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
