The Government of Gustavo Petro presented andl Financial Plan for 2023, in which he updated his goals and projections for the coming year in terms of growth, inflation and also in relation to fiscal perspectives.
(Read: In 2023, the unknown will prevail with the dollar and its behavior).
The document shows several of the Government’s forecasts regarding the most important economic issues for the country. Among them, the price that the dollar would have for the next year.
It should be remembered that during 2022 the dollar reached its all-time highs, surpassing the barrier of 5,000 pesos. A few weeks later he presented an important recovery, but it remains above 4,700 pesos.
(Also: Government does not rule out new oil and gas contracts in 2023).
This has led to the Colombian peso devaluing more than 20% so far this year. In the last 12 months the loss of value has been 20.7%. This is the third highest devaluation of the Colombian currency so far in the 21st century.
Given this scenario, the Financial Plan indicates that the dollar would remain in a range between 4,700 and 4,800 pesos during the next year. This is linked to an average price of oil that would be at 94.2 dollars compared to the 100 dollars that are expected this year.
(Keep reading: These are some rates and values that would no longer go up with the minimum).
Now, this is in line with some of the forecasts already reported by other financial institutions. The exchange rate by the end of 2023 would be, according to Bancolombia, at $4,915; BBVA, at $4,820; Banco de Bogotá, in $5,000; Citibank, at $4,523, at Scotiabank Colpatria, at $4,750; Corficolombiana, at $4,648; Davivienda, at $4,850; and Itaú Colombia, at $4,900.
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