FRIDAY THE 13 Posted November 13, 2023 Posted November 13, 2023 Through a Twitter thread, the former Minister of Finance, Mauricio Cárdenas, explained why in Colombia the dollar moves between $4,800 and $4,900, taking into account that in other countries in the region, the devaluation of their currencies is much less. "If from June 20, 2022 the Colombian peso (COP) had behaved like the currencies of Mexico and Chile, it would now be at 3,500 per dollar, and if the currencies of Brazil and Peru had been followed, it would be at 4,000. Why is it at 4,800-4,900?" Cárdenas wrote as a preamble to his explanation. According to the former minister, the explanation that the devaluation corresponds to a global trend is not true. Nor does he believe that it is about uncertainty due to fiscal management, since Colombia's has been better than Brazil's. For Cárdenas, the main reason why the dollar in Colombia is above the general average for countries in the region is due to the uncertainty generated by government decisions and announcements on various fronts. (What to invest in in 2023 given the high volatility of the dollar). "For me, the main reason is the uncertainty that the government's decisions and announcements have generated in the mining, energy, health, pensions, public services, etc. sectors," he explained in his thread. Finally, he stated that the devaluation is the main reason why food inflation has not subsided (despite the fact that international prices are already falling). For him, "uncertainty has passed a high collection account to the most vulnerable sectors" of the country. https://www.portafolio.co/economia/finanzas/dolar-por-que-esta-en-el-rango-entre-los-4-800-4-900-579425
Premium
Recommended Posts