Colombia Exchange Rate

Colombia

Colombia: Colombian peso declines to multi-year low at the end of August

August 26, 2015

The Colombian peso (COP) has been depreciating rapidly since the second half of May 2015. On 26 August, the currency hit a multi-year low of 3,262 COP per USD amid significant volatility in emerging markets following the surprise depreciation of the Chinese yuan on 24 August. The reading was 14.3% lower than the value tallied on the same day of the previous month and 68.8% weaker compared to the same day of last year. The peso rapidly regained some ground following the spike and stabilized around 3100 COP per USD in the first half of September.

The peso has followed a largely depreciative trend since the second half of 2014, with the exception of a short but sharp appreciation in the beginning of 2015. This trend results mostly from the persisting low oil prices that are weighing on Colombia’s growth prospects. Indeed, oil accounts for over 50% of Colombia’s exports and about 20% of the government budget comes from oil revenues. In addition to tumbling oil prices, uncertainty regarding the Chinese economy and important volatility in China’s stock market in recent months exacerbated the trend.

FocusEconomics panelists expect the Colombian peso to trade at 2,695 COP per USD at the end of 2015. In 2016, the panel foresees the Colombian currency trading at 2,708 COP per USD.


Author:, Economist

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Colombia Exchange Rate Chart


Colombia Exchange Rate September 2015

Note: Daily spot exchange rate of Colombian peso (COP) against U.S. dollar (USD).
Source: Thomson Reuters.


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