The Colombian peso has been devalued by regarding 20% due to the rise in the dollar, since President Petro came to power, dollars are leaving the country. Debt is now more expensive and Colombians have less purchasing power. Gilinski’s Arab friends invest $200 million in Lulo Bank.
A reflection of the economic uncertainty is the Colombian Stock Exchange (BVC), companies that have lost their equity value even worse than the last pandemic.
Why is the dollar rising?
The international context is the main responsible, the DXY index shows that the dollar has strengthened worldwide.
US stock indices such as the S&P 500, Nasdaq, Dow Jones have fallen in the face of the probable recession.
Countries in the region such as Chile, Peru, Mexico and Brazil have not felt the devaluation of their currencies as much as Colombia.
What is the Petro government doing wrong?For the first time, it can be said that the government of President Petro is influencing the rise in the dollar, which today reached a historical maximum of $4,707 pesos.
$310 billion pesos were traded in the foreign exchange market, one of the highest figures in history.
???? Colombia’s richest man Sarmiento Angulo loses several billion in BVC
Announcements from the Ministry of Mines trying to stop new contracts for the exploitation and exploration of hydrocarbons are unleashing a deadly domino effect for the Colombian economy. (Related: Esteban Santos concerned with the Petro government over the suspension of gas exploration)
High inflation rate, high interest rates, tax reform that burdens more companies and individuals in the national context are fuel for the destruction of foreign investment.
Finally, the dollar continues an upward trend and it is possible that it will have a new maximum in the $5,000 pesos.
