Colombia: Colombian peso recovers in December
December 31, 2011
On 31 December, the Colombian peso (COP) traded at 1,939 per USD, which represents a 1.5% nominal appreciation compared to the previous month's position. Overall, however, the peso depreciated 1.3% versus the USD in 2011, which contrasted the strong 6.8% appreciation recorded in 2010. In 2011, the COP followed a similar pattern seen in other emerging market currencies, with sustained appreciation of the peso in the first half of 2011 and a sharp deterioration in the second half due to higher risk aversion, amid rising uncertainties about a satisfactory resolution of the Eurozone debt crisis.