2022 has been a year of high volatility in terms of dollar price. During the first 6 months the foreign currency has registered a devaluation of more than 13.3%. Even in July it reached an all-time high and was positioned above $4,600.
(Also: IMF raises growth outlook for Latin America and the Caribbean).
In the midst of this context, the Business School of the Konrad Lorenz University Foundation offers some recommendations to mitigate the effect of this rise in both companies and consumers.
The first thing is to avoid purchases in foreign currency with your credit card. “Some franchises do not monetize purchases in pesos when it comes to acquisitions in foreign currency. Given the current behavior of the dollar, it is better to avoid this type of transaction and not pay more in Colombian pesos.“, it states.
They also advise giving priority to national products since imported inputs will present an increase in their prices. “Look for substitutes in the national market. In addition to saving, you are promoting employment and the growth of national economic activity,” he assures.
Also, it is recommended not take loans in foreign currency. In principle, the ideal is not to borrow. Now, if you need it, doing it in dollars will mean paying more in pesos and reducing your cash flow.
On the other hand, in the case of being a exporting entrepreneur the situation is favorable. Since devaluation leads to receiving more pesos per dollar and increasing their purchasing power in the national market.
That is why it should seek to increase the quantities exported.
“If you have debts in dollars that you must cover in the short term, try to pay them as soon as possible“, recommends the aforementioned university. Likewise, they advise not to part with the reserves you have in foreign currencies.
Along with this, it is recommended to tourist activities in national destinationsit is. However, if you are looking for places abroad, it is important that you do so in destinations where air tickets are not so expensive and where the cost of living is not.
“If you receive remittances at this time, your purchasing power will improve. Do not forget to save a part and hopefully you can keep a proportion in foreign currency“, they point out.
(Read: Dollar in Colombia remains above $4,400).
In turn, they point out that if you own a company in the tourism sector, it is advisable to start advertising Colombia as an economic destination for foreigners. Finally, they assure that it is not the best moment to study abroad.
“It will require more pesos to pay monthly support and tuition, and as mentioned above, the ideal is not to go into debt,” they say.
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