The Colombian Peso (COP) continued it’s downward spiral reaching 2,060 pesos to one US Dollar Monday, according to radio station Caracol Radio.
The COP officially finished the day’s trading against the dollar at 2046.64, a 1.5% depreciation according to Bloomberg news.
This drop puts the COP at its lowest level of value since 2009.
Finance Minister Maricio Cardenas remained upbeat about the news, stating on Caracol Radio that “this is a level that is healthy and positive, helps exporters, agro-entrepreneur sector and the farming industry.”
This comes after Cardenas tried to cushion the impending blow to the Colombian currency two weeks ago saying that this depreciation was expected.
The Finance Minister added that “the dollar could rise a bit more…there is no goal but we can say that a slightly higher level would be healthy too.”
- Colombia Peso Sinks Most in Emerging Markets After Uribe Comment (Bloomberg)