The Government of Gustavo Petro presented the Financial Plan for 2023, in which it updated its goals and projections for the next year in terms of growth, inflation and also in relation to fiscal perspectives.
The document shows several of the Government’s forecasts regarding the most important economic issues for the country. Among themthe price that the dollar would have for the next year.
It should be remembered that during 2022 the dollar reached its historical highs, surpassing the barrier of 5,000 pesos. A few weeks later it presented an important recovery, but it remains above 4,700 pesos.
This has led to the Colombian peso devaluing more than 20 percent so far this year. In the last 12 months the loss of value has been 20.7 percent. This is the third highest devaluation of the Colombian currency so far in the 21st century.
Against this background, the Financial Plan indicates that The dollar would remain in a range between 4,700 and 4,800 pesos for the next year. This is linked to an average price of oil that would be at 94.2 dollars compared to the 100 dollars that are expected this year.
Now, this is in line with some of the forecasts already reported by other financial institutions. The exchange rate for the end of 2023 would be, according to Bancolombia, at $4,915; BBVA, at $4,820; Banco de Bogotá, in $5,000; Citibank, at $4,523, at Scotiabank Colpatria, at $4,750; Corficolombiana, at $4,648; Davivienda, at $4,850; and Itaú Colombia, at $4,900.
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