The dollar in Colombia continues to fall and this Tuesday it closed below 3,700 pesos, a level that has not been recorded since June 2021. The currency lost more than 70 pesos compared to its opening price.
The US currency opened at 3,705 pesos, but fell to a minimum of 3,626.55 pesos minutes before closing. For its part, the maximum price reached was 3,715 pesos.
Following this behavior, the Financial Superintendence certified that for this Wednesday, January 14 The Representative Market Rate (TRM) will be 3,663.24 pesos.
This figure is 53.85 pesos below the TRM in force this Tuesday and the festive long weekend of 3,717.09 pesos. So far in 2026, the dollar has lost 93.84 pesos.
Photo:Stock
According to Andrés Sánchez, currency associate at Credicorp Capital, this fall in the dollar is mainly due to the draft decree for the repatriation of 250 billion pesos in pension funds invested abroad.
“There is great expectation for a potential income of large amounts in dollars, which would increase the supply again and cause the exchange rate to drop,” assured Andrés Sánchez.
They are also influencing expectations regarding the monetary policy of the Fed and the Bank of the Republic, which will have their respective meetings at the end of this month, in addition to monetizations for emissions in international markets.
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Jorge Restrepo, economist and professor at the Javeriana University, agrees that The strong appreciation of the Colombian peso is due to a multimillion-dollar debt operation in dollars that the National Government recently carried out.
This operation consisted of the issuance of three new global bonds for 4,950 million dollars, that reached a weighted average coupon of 5.93 percent:
- Bond maturing in 2029 for 2,000 million dollars and a coupon of 5.375 percent
- Bond maturing in 2031 for 1,475 million dollars and a coupon of 6.125 percent
- Bond maturing in 2033 for 1,475 million dollars and a coupon of 6,500 percent
Photo:The Time
The Ministry of Finance highlighted that this is the largest issuance in the history of Colombia, which aims to complete the financing goal for the 2026 period, in line with the debt strategy led by the General Directorate of Public Credit and National Treasury.
The issue received purchase orders for about $23.2 billion at its peak, reaching the largest order book in the history of Colombian dollar issues.
They participated in this operation more than 290 investors, mainly from the United Kingdom (47 percent), United States (28 percent) and Colombia (4 percent).
Minister of Finance, Germán Ávila. Photo:GERMAN AVILA
“The successful lawsuit reflects evident confidence in the responsible management of Colombia’s public finances, as well as a broad and diversified base of investors,” said the Minister of Finance, Germán Ávila.
Meanwhile, the director of Public Credit, Javier Cuéllar, highlighted that “The record achieved in the construction of the investor order book is the result of the good results obtained in the strategy implemented during 2025.”
The issuance of these three references also allowed improve the maturity profile of the Nation’s debt, strengthening the sections corresponding to 2029, 2031 and 2039, which contributes to greater stability in the structure of public debt.
