After the trend brought by the price of the dollar, which rose $110 between September 26 and 27, some analysts estimate that in the first week of October the North American currency, could hit all-time highs, approaching $4,600.
According to Henry Amorocho, professor of Finance, Taxation and Public Budget at the Universidad del Rosario, he pointed out that “this is a quite feasible estimate, because the winds of instability are blowing, related to the economic recession announcements reported by the World Bank”.
Also read: Minimum wage: thousands of jobs at risk due to exaggerated decision against the increase
He added that “this is based on the way in which the United States has been facing its economy: interest rate increases and the fight against inflation. Likewise, the prices of Brent and WTI oil, which reached the lowest levels of the year in September, and the decline of the British pound by more than 20%. All this has contributed to the momentum of the dollar as a refuge market.
For Amorocho, with an interest rate of 10%, “we would not be in the most recommendable of scenarios and it is necessary that the Government and the Issuer’s Board of Directors dedicate special attention to it, since an interest rate of 11%, inflation of 11%, devaluation close to $4,400 and slowing economic growth of at least one point as of December 31, 2022we would be in a macroeconomic panorama of the most absolute care and of the most imminent action”.
Also read: What can be bought in the new days without VAT?
For the professor of Finance, Taxation and Public Budget of the Universidad del Rosario, in addition to the tax reform, the Government must place all its strategic and public policy efforts to overcome this triptych problem of inflation, devaluation and interest rates, which will result in lower economic growth, a slowdown in unemployment and an increase in monetary poverty among others.
It is worth mentioning that this Thursday, the dollar started with an average of $4,519, which meant an increase of $33 in relation to the Representative Market Rate (TRM), which for today is $4,486.94.