This Wednesday the dollar is trading on average in the transactional system of the Colombian Stock Exchange at $4,288.26, which represents a drop of $21.43 compared to the Representative Market Rate (TRM), which is $4,309, 69. So far this day, the green ticket has marked a maximum price of $4,300 and a minimum of $4,281.80. US$105.5 million has already been negotiated in 240 transactions.
Movements of the dollar in Colombia
The American currency has had important movements throughout these months. The causes are many and come from different areas. Yesterday the Ministry of Finance, in charge of José Antonio Ocampo, filed the articles of the tax reform before the Congress of the Republic, seeking a collection of $25 billion.
“What was discussed is that there will be a large moderation in the amount, for example. In the campaign there was talk of $50 billion, but they have already said that in the first year they would seek $25 billion as a goal, and normally there are cuts in Congress. In addition, the message of fiscal responsibility, so that the spending program can be financed from higher tax collection and not of greater indebtedness, it would be positive and well received by the markets”, pointed out Julio César Romero, chief economist of Corficolombiana.
Analysts agree that the moderation of the new president’s speech will be key in the downward trend of the exchange rate.
“The signal that they are sending us is that the new government wants to act under the existing rules of the game, and that although it is looking for certain changes, that creates some reassurance in terms of the markets”, said Jackeline Piraján, economist at Scotiabank Colpatria.
In a more international picture, crude is found to have risen more than a dollar a barrel on Tuesday, reversing an earlier decline, after Russia said oil exports to Europe via the southern leg of the Druzhba pipeline they were discontinued in early August, reigniting concerns about supply shortages.
The barrel of Brent oil, a reference for Colombia, it rose 1.04% to US$97.66; while West Texas Intermediate (WTI) rose 1.06% to US$91.72.
Likewise, inflation in the United States took a breather in July by placing its year-on-year rate at 8.5%6 tenths less than in June, this according to data published this Wednesday by the Bureau of Labor Statistics (BLS)