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He Colombian pesos it is the official currency of the country and has been used since 1810, when it replaced the real currency. During its history, it has undergone various changes and revaluations due to various economic and political circumstances.Read here: (Why is the Colombian currency devalued more than the others in the region?) The devaluation of the Colombian peso is due to various global and local factors, mainly what is happening today with the global economy. His path is intertwined with national events and with the Creation of the Bank of the Republic of Colombia in 1880 by President…

In the last days the board of directors of the Banco de la República voted to bring its interest rate down to 12.75 percentdecision that influences the cost of credit.In addition, the interest certificate by the market authority was 45.27 percent effective per year, the highest registered so far this century and which mainly affects those who plan to take a loan.(Also read: Usury rate reaches the highest peak of this century, 45.27%). Thus, taking on debt today, whether with credit cards or consumer loans, is almost twice as expensive as a year ago. And those who do will have…

The high interest rates and usury have made credit more expensive in Colombia, a situation that could stabilize for a few more months, since inflation does not subside and household income continues to rise. (The options to deal with high rates on credit cards). Given the possibility of taking a loan at this time, Marc Hofstetter, a professor at the Universidad de los Andes and an expert in monetary policy, states that “if it is not essential”, It is best not to do it.“If it is not essential to take a loan at this moment, a consumer should not consider…

The National Administrative Department of Statistics (Dane) released the annual inflation figure In Colombia in the period between January 2022 and the same month in 2023, according to this entity, the increase was set at 13.25 percent. According to the Dane report, the expanded cost of living seven consecutive months above 10 percent. For January 2023, the monthly variation of the Consumer Price Index, CPI, was 1.78 percent."The annual behavior of is mainly explained by the variation in the divisions food and non-alcoholic beverages, accommodation, water, electricity, gas and other fuels", the report mentions.(Keep reading: Usury rate reaches the highest…