The price of the dollar in Colombia closed the week at its highest point in the last two years, after being above 4,110 pesos this Friday, May 13, and ratifying the good moment that this US currency is going through, initially strengthened by what what happens in the world, especially in China and Ukraine.
According to Colombian Stock Exchange reportthis currency reached a last price of 4,110 pesos with 50 cents, which is 0.52 higher than the figure reached on the immediately previous day, when it closed at 4,109.98.
The dollar began the day with an opening value of 4,100 pesos and throughout the day it reached a maximum of 4,121, a minimum of 4,096.50 and maintained an average price of 4,111 pesos and two cents. In general, it was a good day for this foreign currency in the market, where its trend was almost always upwards.
When it comes to trading values, the selling price of this currency It was around 4,107 pesos in exchange houses, while the purchase price was about 4,106.
Factors such as the crisis in Ukraine, the recent inflation data in the United States, which stopped for the month of April, and the increase in interest rates announced by the Federal Reserve; They have been key in strengthening this currency, which has not only been strengthened in Colombia but throughout the world.
It is worth remembering that during this closing week, the dollar managed to significantly outperform the price of the euro, at historic levels not seen for quite some time. This is driven by the migration of investments from Europe, to America, to get away from the ravages that the war caused by Russia is causing.
Anif: GDP growth projections for the first quarter of 2022
In its economic comment of the day, the National Association of Financial Institutions (Anif) referred to its expectations in economic matters for the country, during the first quarter of this year, and assured that it sees a favorable panorama in this matter, taking into account that Colombia has become a matter of economic recovery.
To say this, the Anif took into account aspects such as the Economic Monitoring Index, the figures for job creation during these months and inflation; which were analyzed and they showed that despite the increase in the cost of living, companies have been able to overcome this adversity to maintain their growth.
“The Economy Monitoring Indicator (ISE) for the first two months of the year showed positive results. Indeed, the annual variation of the indicator in January was 7.7% while in February it rose to 8.1%, which leaves us with a variation of 7.9% for the year to date. The secondary and tertiary activities have boosted the results, since they have shown very favorable variations at the beginning of the year”, said Anif.
In addition, This association highlighted that although the figures that were available before the pandemic have not been recovered, The labor market in Colombia is experiencing a good moment in terms of job creation. However, he pointed out that there is still a lot of work to be done for the rest of the year.
“In the Colombian case, these external pressures have been reflected in food prices, which as of April 2022 registered an annual variation of more than 26%. Indeed, the costs of inputs for crops and the production of all kinds of meat have skyrocketed, a dynamic that ends up being reflected in the price received by the final consumer,” said Anif.
This association added that “we observe that domestic demand significantly exceeds the capacity to produce in the country, which generates excess demand that translates into additional inflationary pressure. All of the above brings us to the current scenario, in which annual inflation stands at 9.23%, the highest since 2000. What is more, accumulating the first four months of the year we have that inflation is already above 5.6%”.