After knowing the results of the regional elections, the currency started the week with $87.77 below the TRM and closed this Monday at $4,032.85, which “shows the political solidity that exists in Colombia,” says academic Mauricio Jaramillo.
The dollar began the week with a sharp fall that at times broke the $4,000 barrier by decreasing to $100, but at the close of the day on the Colombian Stock Exchange it stood at $4,032.85. That is, $87.77 below the Representative Market Rate (TRM), which for this Monday was $4,120.62.
The US currency reached a maximum price per unit of $4,045 and a minimum price of $4,010.
This behavior is evident one day after the territorial elections that were held calmly throughout the country and “shows the political solidity that exists in Colombia,” says Mauricio Jaramillo, economist, political analyst and professor at the Universidad del Rosario.
“Outwardly, the message that this behavior of the dollar sends just one day after the elections is that Colombia is increasingly moving away from that catastrophic scenario that some sectors, including some media, wanted to paint. What it shows is that there are fewer and fewer reasons for risk rating agencies to punish the country,” the expert considered.
The dollar closed the day last Friday lower for the sixth consecutive day, so it was considered in the stock market that the results of the elections would be a thermometer of the outlook that awaits the country in the short term. In fact, some analysts did not rule out that the foreign currency could close this October at a price ranging between $4,183 and $4,250.
Despite this, the results show the opposite, according to Professor Jaramillo, as he maintains that “although in recent weeks there had been speculation that the Government was going to take measures against the market economy, what we have seen is that in all In the electoral processes there is absolute respect for the institutions, there is independence between the branches of public power and what this projects is an institutional stability that contrasts with the chaos that was speculated at some point,” says the economist.
Jaramillo adds that, although the results of the elections do not favor the Government coalition in all cities, “the incidence is not as high as when the integration of the Legislature is at stake, which is where the major reforms that interest them are taken. to investors. Therefore, the real effect of the regional elections on the price of the dollar is not greater.”
The analyst concludes that what is coming now is “finding a dynamic that integrates the interests of the nation and Bogotá in strategic projects such as the subway, to see what effects it would have on currencies.”
He warns that whenever there are elections and there is talk of reforms, “there are moments of uncertainty that dissipate with the strength of the institutions.”
