Forex Colombia: The price of the dollar falls

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Forex Colombia: The price of the dollar falls

La economía en Colombia

The dollar started operational activities of this week with falls and an average price of 2.893,21 Colombian pesos per dollar.

In the beginning of the session of the Forex market this week in the country, the US dollar was quoted at an average price of 2.893,21 pesos, this means a decrease of 2.64 pesos against the Market Reepresentative Rate (TRM, abbreviation in Spanish), the average weighted is the result of the United States currency in the banks and other regulated agents of Colombia.

According to agents of currency and tables of trading in the capital of the country, the official Set-FX trading platform set the starting price at 2.897 pesos at the beginning of the activity, with a maximum price of 2.899 and a minimum of 2,891 pesos for each quote.

During the operation at the beginning of the week, the currency market in Colombia didn’t have many changes in transactions compared to last week.

United States currency stood at 2.896 pesos per dollar; improving its position regarding TRM by two pesos. Beginning of this week, the same indicator or the Benchmark of Forex in the latin american country was 2,894 pesos as a weighted measure. The minimum and maximum quotation of the US dollar was 2.901 and 2,891 pesos respectively.

Inauspicious scenario for the Colombian economy

In one of the most prestigious media of the country, they mentioned the following in one of their editorial.

They wrote about the growth of gross domestic product of the country in the first quarter of the year, which barely reached 1.1%, according to figures which were delivered by DANE, this is the statistical authority of Colombia, it highlights a difficult outlook for the country’s economy in the remainder of the year. There’s also to consider the weakened trust of consumers and industry alike, and the strikes that could happen in the country.

DANE Colombia

DANE, Colombian organism

According to the analysis presented by the specialized media, the figures in the first quarter were classified as disappointing due to the negative growth of the six sectors of the economy in the country, which also had a reduction of – 0.2% compared to the same period in 2016. The editorial explains that because of construction and mining have the worst performance results, whereas agriculture is the sector that pulls everything afloat, it creates a gap in the economy.

For Eduardo Sarmiento, who is a former senior official of the Ministry of Finance of Colombia, low prospects for growth are due to the years of recurrent devaluations, a little technical increase in interest rates, which were in 7.5% last year and the austere tax reforms.

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