General Info

[Mr Enternational]

Did you still have to do check mig I did 1 and 2 months ago Bucaramanga though.

I did not do it entering or leaving the country.

[Abombu235]

Did you still have to do check mig I did 1 and 2 months ago Bucaramanga though.

[Mr Enternational]

Bogota has revamped the entrance to the exiting immigration. Today I went to use Biomig. Foreigners use the bigger machines. The slim ones are for Colombians. You put your passport in. After it scans, you type in your flight number. Then it takes your picture. Unfortunately the machine was not recognizing my face so the chick helping with the machines took me over to the shortest line. It worked fine for another American guy. I even tried the kiosk he went to after, but nope.

[Huacho]

Inflation is another case. You got the definition right there (thanks for quoting me and not giving me credit)

Actually, I wasn't quoting you and did not notice you had made that exact reference. It's not original to you either and you didn't cite. But as you pointed out, it's in every Econ 101 textbook. For a more specific quote, you have Milton Friedman: 'Inflation is always and everywhere a monetary phenomenon. ".

[Huacho]

The US dollar is a bit of a special case, in that it is effectively the worlds reserve currency. There is a huge demand for US bonds and currency which is held by the central banks of most countries around the world

Yes, but that is already reflected in the "real" rate of interest, which is based on risks such as default and liquidity.

[Zeos1]

To simplify, exchange rates are largely dependent on two factors: the relative "real" (inflation adjusted) interest rates (higher = stronger currency), and the balance of trade. A negative balance of trade represents a future obligation to buy other currencies, and so leads to a weaker currency. And, inflation is caused by too much money (demand) chasing too few goods (supply). In Latin countries, unlike in the Yew Ess, the printing press is in the hands of the legislative branch. They then implement programs they don't have the money to pay for, so they print more money and you have constant, annoying inflation.

The US dollar is a bit of a special case, in that it is effectively the worlds reserve currency. There is a huge demand for US bonds and currency which is held by the central banks of most countries around the world And also there is the function of the US dollar as a "safe haven" currency. In total there are a lot of moving parts influencing currencies and the US dollar in particular. The Mexican peso and the Colombian peso, and a couple of other Latin American currencies have done especially well recently against US dollar. Including the Costa Rica colon, which really seems odd. But for whatever reasons.

[SubCmdr]

With all due respect:

If it was really that simple then then take the issue of a negative balance of trade: The U.S. balance of trade in goods and, more broadly, the current account, have been in deficit for decades. Year after year, Americans buy more goods in global markets than they sell. Using what has been written below that would make the USD one of the of the weakest currencies in the world. We all know WHY it is not. This is not to the place to get into it. This is forum for Colombia and I posted an article about why the Colombian Peso is strong against the dollar.

Inflation is another case. You got the definition right there (thanks for quoting me and not giving me credit). And inflation has been fairly aggressive in in Colombia. But it is not being caused by the the strength of the COP against the USD.

To simplify, exchange rates are largely dependent on two factors: the relative "real" (inflation adjusted) interest rates (higher = stronger currency), and the balance of trade. A negative balance of trade represents a future obligation to buy other currencies, and so leads to a weaker currency. And, inflation is caused by too much money (demand) chasing too few goods (supply). In Latin countries, unlike in the Yew Ess, the printing press is in the hands of the legislative branch. They then implement programs they don't have the money to pay for, so they print more money and you have constant, annoying inflation.

[Huacho]

To simplify, exchange rates are largely dependent on two factors: the relative "real" (inflation adjusted) interest rates (higher = stronger currency), and the balance of trade. A negative balance of trade represents a future obligation to buy other currencies, and so leads to a weaker currency. And, inflation is caused by too much money (demand) chasing too few goods (supply). In Latin countries, unlike in the Yew Ess, the printing press is in the hands of the legislative branch. They then implement programs they don't have the money to pay for, so they print more money and you have constant, annoying inflation.

[SubCmdr]

Individuals who are trying compare international exchange rates of a country on the international market to internal inflation inside of a country are comparing apples to oranges.

Instead of just doing the equivalent of the reach around and fling, some of ya'll up in here should actually spend some time reading the financial news and educating yourselves on international financial affairs as I have done.

For example: https://www.bloomberglinea.com/engli...-appreciation/#text=For%20 Juan%20 David%20 Ball%C3%A9 and%2 see%20 director, the%20 market%2 see%20 among%20 other%20 reasons.

Written in April 2023 this article does an excellent job of describing the reasons for the volatility in what has historically been a very strong currency against the USD.

There is a certain individual that wants to take my words and twist them. He has a bone to pick with me because my opinion differs from his on the attractiveness of girls in Colombia to girls in the Dominican Republic. He has now taken this rather small, insignificant difference of opinion and carried it over to the General Information thread in the Colombia section. After all who care what I think about the attractiveness of girls in Colombia as compared to the Dominican Republic. Man Law 101: No man should be telling another man who he should fuck nor how to spend his hard earned money. Reasonable people can disagree. But reasonable people should not be making accusations and trolling me from thread to thread country to country.

I am not going to spend my time teaching international finance to wage slaves. But if you are international businessman such as myself, part of your success depends on knowing the actual factors that play into international exchange rates.

Inflation in Colombia is NOT being caused by exchange rates And especially not food inflation. Colombia only imports 10% of its food. By any measure on a macro economic basis when country with a strong domestic economy (Like Colombia) and has a strong currency, that is a positive because the USD is the worlds reserve currency and the currency of exchange. When you can buy more dollars with your currency that is a plus for the economy on a macro economic level.

Inflation is a macro economic factor inside of a local economy. The experts say that: When the US Dollar weakens, products bought abroad or brought from abroad usually drop in price. Some examples are computers, cell phones, business machines, food or raw materials to produce food, among others.

What is the cause of inflation in Colombia. Here I have to advise everyone does not know why to review your Economics 101 course. Inflation is caused by too much money chasing too few goods. In Colombia as it is all over the world. Anyone concerned about inflation should hold a currency immune from it. Get out of the Fiat currency system and place your store of value into the strongest currency that you are able to hold and self custody.

[LatinaLover#1]

The Colombian people are NOT winning, they are getting CRUSHED by inflation. Before you tell me that I don't know what I'm talking about, I've been coming here for 20 years, live here part time and have family here and can tell you FOR A FACT that the average Colombian is hurting due to crazy rises in prices, talk to some of them and ask, and no, some two bit working girl doesn't count.

The price of food is difficult, especially for the working class. Not to mention the government has begun taxing food! That is very cruel. My girls family has to live in Soacha to afford the rent. Most Colombians about 60%+ of the population are on minimum wage and eat rice, beans, & pumpkin, beef fish even chicken is a rare monthly treat.

[LatinaLover#1]

Okay. When Biden took office the exchange rate was around 3500 COP per dollar. It briefly got around 5 k before settling around 4400, with lots of fluctuations. Now it's back to about 4 k.

For comparison, when Trump took office the rate was just under 3 k and was at 3500 when he left. Briefly, early 2020, the rate hit 4 k while everything was shutdown. Unless you were in Colombia during the pandemic shutdown (or sending money to Colombia), you're complaining about getting a better rate than you ever got while Trump was President, have been getting between 500 and 1500 more and blaming it all on Biden.

Don't worry. There were also people screaming that when Petro took office the rate would sail past 5 k and Colombian currency would be like Venezuelan currency.

Personally, I don't worry about it. My first time in Colombia it was 1900 to 1. During most of my time here it was 3 k. 5 k would be great, but if 4 k is what I get, 4 k is what I'm happy with.

It was 1700 but prices in Colombia / Bogota were a lot cheaper then, for hotels girls restaurant so everything is relative but I have never seen the dollar slide 20% before, ever, usually only gets stronger but this is new.

[JjBee62]

I quoted the xchange of COP vs USD ONLY! And the USA Government ONLY! Not Petro or the benefit of the high peso for Colombians. It was meant for a comparison or USD and COP only, and Americans exchange dollars for pesos.

Okay. When Biden took office the exchange rate was around 3500 COP per dollar. It briefly got around 5 k before settling around 4400, with lots of fluctuations. Now it's back to about 4 k.

For comparison, when Trump took office the rate was just under 3 k and was at 3500 when he left. Briefly, early 2020, the rate hit 4 k while everything was shutdown. Unless you were in Colombia during the pandemic shutdown (or sending money to Colombia), you're complaining about getting a better rate than you ever got while Trump was President, have been getting between 500 and 1500 more and blaming it all on Biden.

Don't worry. There were also people screaming that when Petro took office the rate would sail past 5 k and Colombian currency would be like Venezuelan currency.

Personally, I don't worry about it. My first time in Colombia it was 1900 to 1. During most of my time here it was 3 k. 5 k would be great, but if 4 k is what I get, 4 k is what I'm happy with.

[Manizales911]

Right now the people of Colombia are winning.

The Colombian people are NOT winning, they are getting CRUSHED by inflation. Before you tell me that I don't know what I'm talking about, I've been coming here for 20 years, live here part time and have family here and can tell you FOR A FACT that the average Colombian is hurting due to crazy rises in prices, talk to some of them and ask, and no, some two bit working girl doesn't count.

[LatinaLover#1]

You do understand that you are describing that the COP has claimed 20% against the dollar. I do not see how that is negative if you are Colombian. If you are not referring to the political administration running Colombia then you are in the wrong thread. There are two sides to every trade. One side wins, One side loses. Right now the people of Colombia are winning. You have to look at the macro and micro aspects of the economy in Colombia that might be bidding up the price of the COP in the currency markets.

Because if you think it is just because of what the USD is doing you need to expand your perspective. Worldwide the USD versus other currencies vary and is not universal. For example currently in the Dominican Republic the USD is on fire and the DOP is dropping like a rock.

I quoted the xchange of COP vs USD ONLY! And the USA Government ONLY! Not Petro or the benefit of the high peso for Colombians. It was meant for a comparison or USD and COP only, and Americans exchange dollars for pesos.

[Mr Enternational]

When the current administration took over, it was 3500, and while they were in office, it went up to 5000. Do they get credit for that?

Seems like he is talking about the current administration in Colombia and you are talking about the current administration somewhere else.