Colombian Peso exchange rate and related issues

[LuckyEddie]

The Colombian peso reached a high of 1, 780. 27 to the USA dollar in New York on Wendesday, its highest level since August 2008, Bloomberg reported.

Much of the peso's rise has been attributed to rising foreign investment in the oil and mining industries as well as companies repatriating profits from abroad in order to pay taxes. Companies are due to pay taxes in Colombian between April 8 and April 25 this year.

Foreign direct investment increased by $3. 23 billion in the year from March 2010, 86% of which went into oil and mining, according to trade balance figures from the central bank.

Portfolio inflows have also risen to $825 million between March 2010 and March 2011 compared to a net decrease of $21 million the year before, according to the central bank.

The currency has increased by 5. 1% so far this month making the peso currently one of the best performing world currencies tracked by Bloomberg.

Earlier this week, the head of Colombia's central bank announced that the country is on track to grow 5. 5% this year. 1% more than was originally forecast.

Yes. Emerging markets such as Colombia could gain on the USD even if the USD stands still. There are two sides to every FX rate.

Before the US recession which also kicked off the rest of the world's economic crisis (because the US is the #1 consumer / client for every other country) and before the Fed Reserve's super turbo printing press really kicked in you had the COP at 1640 to the USD (June 2008).

As things start to level out in the world, over the next 2-3 years we may see the COP "below" the 1000 range. Remember for the first half of the 1990s (1996 firstyear the COP stayed above 1000 for the whole year) and back the COP was always under 1000 Per 1USD and the 2000 mark was hit for the first time EVER in end of April 2000 with 2001 being the FIRST year of COP over the 2000 mark.

I know a lot of guys on a fixed USD income who dove in and moved here in 2003-2006 when the COP was in the 2400-2900 range, not thinking about inevitable currency fluctuations. Especailly with the overall voliitility of not only the economy of a 3rd world country such as Colombia. But the whole country. Safety, government, wars, and such.

Coming for a vaction? Not a problem. Coming to live? You need to factor in major swings. The days of stability like between USD and GBP before the EUR are not something you will see for a very long time between a stumbling world power and an emerging banana republic.

[Yujin]

Those once-pathetic looking Colombian pesos I now earn are starting to look halfway decent.

The Colombian peso reached a high of 1, 780. 27 to the USA dollar in New York on Wendesday, its highest level since August 2008, Bloomberg reported.

Much of the peso's rise has been attributed to rising foreign investment in the oil and mining industries as well as companies repatriating profits from abroad in order to pay taxes. Companies are due to pay taxes in Colombian between April 8 and April 25 this year.

Foreign direct investment increased by $3. 23 billion in the year from March 2010, 86% of which went into oil and mining, according to trade balance figures from the central bank.

Portfolio inflows have also risen to $825 million between March 2010 and March 2011 compared to a net decrease of $21 million the year before, according to the central bank.

The currency has increased by 5. 1% so far this month making the peso currently one of the best performing world currencies tracked by Bloomberg.

Earlier this week, the head of Colombia's central bank announced that the country is on track to grow 5. 5% this year. 1% more than was originally forecast.

[Bango Cheito]

At the rate we are going it may come to pass the that USA may become a Mongering destination for the richer Euro and Asian countrys. Already they come in droves to our National Parks and places like Disney World. As times get tougher and tougher in the USA. No jobs, many women unmarried with children to support, etc. I think it is a strong possibilty in the future. A sad note indeed as the American Monger would be reduced to a level like the Native men we see in the Latin American countrys that we visit now.

In short if you can travel now then do it. Nothing lasts forever and much stronger regimes in the past have went by the wayside.

Sorry for the gloom and doom, but sometimes you have to tell it like it is.

Those once-pathetic looking Colombian pesos I now earn are starting to look halfway decent.

I don't think you have to worry about AW EVER being in demand. Unless the food supply changes and they start getting in shape and taking care of themselves and maybe reading a book once in a blue.

[Alvaro 30]

Now this really sucks balls! . WTF! It hasn't risen in days. The dollar slowly hemorrhaging to it demise.

http://www.bloomberg.com/markets/currencies/americas/

Euroservicios four blocks from estacion exposiciones CC Almacentro 1, 860 good!

[MiamiHeatLuver]

Now this really sucks balls! . WTF! It hasn't risen in days. The dollar slowly hemorrhaging to it demise.

http://www.bloomberg.com/markets/currencies/americas/

[Bbrocs]

Guys its really chump change but it's your money. Sometimes as you know the ATM's are better. But as of today this is not the case. XE has the peso at 1818 today. Which means at the ATM you will get hopefully 1810. 00.

But if you go to the Monteray exchange inside the monterray mall, the exchange today is giving 1870. 00, it's my opinion as well that this is th best exchange in Medellin. You don't need your passport just a drivers license. After they get to know you, you don't even need that. Yes the oveido mall is famous for their exchange, but I compare the two over and over and Monterray is better. But to make it worth it cabs cost to get there you need to exchange like 450 dollars or more. Otherwise the savings gets eaten by taking a cab there. My two cents. Someone posted if your spending 700 on airfare and 400 on a apartment, why would you care about losing 58 pesos on the dollar. But I'm cheap with myself and I care.

[Furysys]

Latin America is on sale for all us Canucks! One point to all canuck mongers, if you do go to that Oviedo Mall cambio (I have and it is very good service, just need your passport) , change your money in US$ before leaving Canada. Last time I was there, they were still giving more pesos for the US$, even though the C$ was above par. I wouldn't know the current rate they are giving, but one can bet it probably isn't as good as changing the money in Canada first.

[John Gault]

Dollar really looking like shit all over Latin America. Going to suck for my wallet for this upcoming trip. . I remember just about a month ago we were over 1900.

http://www.bloomberg.com/markets/currencies/americas/

At the rate we are going it may come to pass the that USA may become a Mongering destination for the richer Euro and Asian countrys. Already they come in droves to our National Parks and places like Disney World. As times get tougher and tougher in the USA. No jobs, many women unmarried with children to support, etc. I think it is a strong possibilty in the future. A sad note indeed as the American Monger would be reduced to a level like the Native men we see in the Latin American countrys that we visit now.

In short if you can travel now then do it. Nothing lasts forever and much stronger regimes in the past have went by the wayside.

Sorry for the gloom and doom, but sometimes you have to tell it like it is.

[MiamiHeatLuver]

Dollar really looking like shit all over Latin America. Going to suck for my wallet for this upcoming trip. . I remember just about a month ago we were over 1900.

http://www.bloomberg.com/markets/currencies/americas/

[Fla Fun]

Hello, fellows,

I will be moving to Colombia and visit the country for the first time,

Could anybody give me some advice for good places to exchange dollars to pesos?

Greetings

Usually I found that ATMs give a better exchange rate.

Also sometimes I watch the exchange rate (xe. Com) for a month or two before I go. When the dollar is strong, I use a money transfer to send a little money to myself. So I am the sender and the receiver. I lock in the exchange at a good rate. I use a moneytransfer service like (riafinancial. Com). Then I just pick up the cash when I get there. It also works a good back up.

I have no interest in either of those two companies.

[Bolman]

Hello, fellows,

I will be moving to Colombia and visit the country for the first time,

Could anybody give me some advice for good places to exchange dollars to pesos?

I would appreciate a lot any help.

I will try to report once I am settled and get a chance to explore the city.

Greetings

[VipMedellin]

The best house to get good rate on your dollar is UNICAMBIOS they are locted in Oviedo Mall and Santa Fe mall.

Try the casa de Cambio in Oviedo Mall. The guy gives a good rate and speaks English. It is in a very secure area as well. Next to El Coral.

[MiamiHeatLuver]

Where can I find some credible cambios in MDE?

Try the casa de Cambio in Oviedo Mall. The guy gives a good rate and speaks English. It is in a very secure area as well. Next to El Coral.

[Travel Spirit]

you can do better at the cambio than the ATM

Numerous cambios in Medellin

Where can I find some credible cambios in MDE?

[LocoGringo]

OK, for one of the 1st times in my 11 years here you can do better at the cambio than the ATM. 188-1820 per gringo dollar at numerous cambios in Medellin and Cartagena the last week, 1790-1805 at ATM and then some fee depending on the bank.

Of course they believe that the peso will fall, how can you be sure.