On 31 October, the Colombian peso (COP) traded at 1,863 per USD, which represented a 2.8 % nominal appreciation compared to the previous month's position and marked the biggest monthly jump since April. However, on a year-on-year basis, the peso depreciated 1.7% versus the USD. The COP followed a similar pattern seen in other emerging market currencies in October as a response to improving expectations about the resolution to the Eurozone's debt crisis and strengthening local capital flows. On 28 October, the Central Bank announced that it will replace the exchange intervention mechanism in the spot market agreed in the September meeting. The new exchange intervention mechanism aims to control currency volatility by purchasing and selling up to USD 200 million in the derivatives markets if the COP fluctuates 4% above or below the 20-day moving average, which should trigger fewer interventions than previously, when the Bank had set a 2% margin above or below the 10-day moving average.
Colombia Exchange Rate
Colombian peso strengthens despite global volatility
November 2, 2011
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Colombia Economic News
October 7, 2016
In what was a narrow and shocking result, Colombians rejected the peace agreement between the government and the FARC at the 2 October referendum.
September 30, 2016
In August, exports grew 7.0% over the same month last year, which sharply contrasted the 27.3% plunge recorded in July.
September 30, 2016
The seven-member board of the Central Bank (BanRep) unanimously decided to keep the reference interest rate unchanged at 7.75% at its 30 September monetary policy meeting.
September 16, 2016
Industrial production unexpectedly shrank 6.2% annually in July, which contrasted the 6.7% increase seen in June.
September 5, 2016
The Colombian economy continues to adjust to low oil prices two years after they first started to collapse.