COLOMBIAN PESO THE SUMMER HERO

Prices of gold and oil above the expected prices and a sloot of money coming from countries like Switzerland, The BRICS, The European Union, The CAF (just to name a few) in the form of credit lines has allowed Ministério de Hacienda to buy old USD denominated debt(at high interest rates) and issue lower denominated bonds in Colombian pesos that have spark the appetite of international institutional investors like JP Morgan, due to the fact that Colombia still has some of higher interest rates in the world.

*Tourism and Remittances

Colombia's tourism industry has experienced significant growth in recent years, attracting visitors from around the world. This has contributed to an increase in foreign exchange earnings, supporting the peso. Additionally, remittances from Colombians living abroad have also played a role in supporting the currency.

In conclusion, the Colombian peso's strength can be attributed to a combination of factors, including economic reforms, a diversified economy, favorable commodity prices, prudent monetary policy, investor confidence, and growing tourism and remittances. As Colombia continues to implement policies to promote economic growth and stability, the peso is likely to remain an attractive currency for investors and traders. With its strong economic fundamentals and growing confidence in the market, the Colombian peso is well-positioned to maintain its strength in the foreign exchange market.