The fall of the dollar has more than one person doing the math. Some win and some lose with the currency crash, which This Monday, July 24, it started at 3,971 Colombian pesosaccording to the records of the Electronic Trading System (SET-FX) of the Colombian Stock Exchange (BVC).
(Read: Dollar continues to weaken and is getting closer and closer to 3,900 pesos)
The confidence of investors, who are already discounting lower fiscal impacts of the reforms that the government is advancing, is attracting more capital to the country, which has caused the Colombian peso to register a valuation of more than 17 percent against the US currency.
(We recommend: Dollar price: tips to take advantage of the fall of this currency in Colombia).
Now, according to BriefcaseOne of the main beneficiaries of this revaluation is inflation. The drop in prices of imported products will be reflected mainly in food, inputs, capital goods, vehicles, spare parts and many other products.
The price of the dollar maintained a downward trend so far in July 2023.
Travel abroad?
On the other hand, according to Diego Alejandro Blanco, director of investment strategies at Acciones & Valores, tourism will also be favorably impacted. Airlines, travel agencies, tour operators, hotels, restaurants, transport companies, car rentals and clubs will benefit from tourists.
But, if you want to travel abroad, you must be careful. Laura Correa, personal finance adviser and CEO of Axia Finanzas, also explained to EL TIEMPO that, before making the decision to plan a trip, because for this, even if the dollar is low, it will be necessary to obtain a debt.
(Be sure to read: How to convert euros to Colombian pesos when you make purchases?).
Time to buy technology?
Added to this are technological products. According to an article published by Valora Analitik, the finance professor at Jorge Tadeo Lozano University, Édgar Jiménez, explained that durable goods such as household appliances They could gradually drop in price.
It is cheaper for importers to bring computers, mobile phones and other items of technology into the country.
What about remittances?
Still, not everything is rosy. Remittances have been another point of interest in the context of the revaluation. They are expected to grow approximately 10% this year, reaching close to $10 billion. Although this may partially reduce the impact of the revaluation, it is important to consider the implications for the individuals and companies that receive these remittances.
The price of the dollar continues to fall
The currency was quoted this morning at 3,960 pesos, a price that has not been seen since the middle of last year. Analysts expect them to maintain the downward trend for the remainder of the day.
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Laura Natalia Bohorquez Roncancio
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