The Colombian peso is the sixth with the highest devaluation

The Colombian peso has suffered a sharp fall against the dollar in the midst of a complex economic situation in the world, with a view to a possible recession in the US in 2023. Today it ranks as the sixth most devalued currency in the semester and among the factors that affect it is the rise in interest rates driven by central banks to control inflation.

On Wednesday, the peso fell again to a historical low and reached a maximum of 4,859 Colombian pesos, amid the uncertainty that also exists in the national market. This additionally caused Colombian bonds in local pesos maturing in 2031 to fall, raising the yield by 15 basis points to 14.32 percent.

So far the price of the Colombian peso has depreciated -14.10% in the last semester; occupying the sixth position in the ranking, after the Surinamese dollar (21.23%), the Sierra Leonean leone (20.68%); the Ukrainian hryvnia (20.39%), and the Argentine peso (-18.24 percent).

At the local level, among the greatest fears of investors is the political uncertainty generated by the new government in the country about putting an end to new oil and natural gas exploration, which has not been calmed, despite the fact that even the Minister of Treasury, José Antonio Ocampo, has spoken out against this problem in an attempt to reassure investors.

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We are going to have a responsible macroeconomic policy, we are going to comply with the fiscal rule, there are going to be no exchange controls,” Ocampo told reporters in Bogotá.

“We hope that the commitment to macroeconomic stability will be recognized by the markets.”