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Colombia's peso dives as dollar surges

Tuesday, February 16, 2016

Colombia’s peso took a nosedive against the US dollar on Monday. One dollar is now worth more than COP3,450, almost double the value it was a year and a half ago.

The steep drop in value that’s been haunting Colombia’s currency began in the third quarter of 2014 when the price of oil began an extended period of devaluation, going from $100 a barrel to $30.

Source: Colombia Reports