Some more reassuring messages from members of the high government could have helped the increase in the dollar to moderate in Colombia, although for the fifth consecutive day the currency set a record, with what was left at $4,913.24 with a rise of $276 in the last week.
(Read: Invest your savings in dollars: is it good or bad? Experts advise).
Increasingly the dollar is approaching the figure of $5,000 and in this way the devaluation of the peso against the greenback is 23.41% so far in 2022 and 29.96% in the last 12 months. The depreciation of the peso against the dollar was 0.29% in the last day.
The US currency was traded on average in the Banco de la República transactional system at $4,913.26, which represented an increase of $27.76 with respect to the Opening Market Representative Rate, which was $4,885.50. With this, the dollar is only $86.76 away from $5,000.
During the session the coin reached a high of $4,958.90 and a low of $4,881.05. US$1,131 million were traded in 1,926 operations.
This is the second consecutive weekend with the highest official dollar in Colombia.
According to analysts, the rise in the price of the greenback continues to be explained by international factors and the uncertainty that has been generated at the local level.
However, the market is still waiting for the messages and in this sense JPMorgan requested, in addition to pronouncements, “tangible measures” to find greater stability.
(Also: In the dollar market there is an ‘overreaction’: Minister Ocampo).
The Minister of Finance, José Antonio Ocampo, said yesterday that the upward movement of the dollar on Friday actually “It is due to an essentially international situation, since several Latin American and world currencies have lost ground against the dollar with the strengthening that it has been registering and it cannot be said that it was due to factors of the Colombian reality.”.
He assured that in 2023 fewer issues of debt securities (TES) will be needed “and we will see if there is a need for external financing, which is a pending issue due to the international crisis and uncertainty.”
announced that the flexible credit line of the International Monetary Fund will not be used “Well, it is an overdraft account, and it is only due when it is really needed, since it is not to finance the Government.”
He revealed that between August and September international agents “bought TES for US$8,000 million and in October they took out US$1,000 million, so the net is positive.”
He recalled that massive capital is leaving emerging economies due to the strengthening of the dollar and expectations of higher interest rate hikes in the United States.
The Financial Opinion Survey (EOF) prepared by Fedesarrollo for October was also published yesterday, in which analysts said that they consider that the exchange rate will be in a range between $4,550 and $4,629, with $4,600 as the median response.
(Keep reading: The most powerful currencies in the world… and the dollar does not lead).
Likewise, those consulted estimate that the exchange rate at the end of the year will be $4,526, showing an increase of 4.6% compared to the forecast for the previous month, an acceleration observed since August. In the ninth month of the year, the exchange rate closed at $4,532.07.
BRIEFCASE
