Exchange rate
In the month of December of 2001 the
average market exchange rate for was $2186.21 per dollar, with an annual nominal
devaluation of 15.77%. For the same month, the Real Exchange Rate Index stood at 119.82
with a real devaluation of 8.09% during the year 2000. The latter result can be attributed
to both the internal and external contributions 4.26% and 3.68% respectively. The internal
contribution (national devaluation/national inflation), was due to the larger nominal
domestic devaluation (15.77%) in excess of the growth of wholesale prices (11.04%). In
regards to the external contribution (average international devaluation/international
inflation of countries that trade with Colombia) the external devaluation (6.32%) was
lower than external inflation (10.23%), which helped depreciate the Real Exchange Rate.
REAL EXCHANGE RATE
INDEX
|
REAL
EXCHANGE RATE INDEX
No Traditional Trade
Goemetrical Average 1994 = 100
| PERIOD |
AVERAGE |
PERIOD |
AVERAGE |
| 1989 |
101,28 |
1995 |
102,03 |
| 1990 |
114,87 |
1996 |
98,83 |
| 1991 |
113,04 |
1997 |
93,26 |
| 1992 |
106,77 |
1998 |
98,33 |
| 1993 |
107,46 |
1999p |
108,31 |
| 1994 |
100,00 |
2000p |
119,82 |
|
NOMINAL
EXCHANGE RATE DEVALUATION %
AVERAGE TO
DECEMBER |
RATE |
ANNUAL
VARIATION |
AVERAGE TO
DECEMBER |
RATE |
ANNUAL
VARIATION |
| 1989 |
429,30 |
28,93 |
1995 |
988,15 |
19,14 |
| 1990 |
563,38 |
31,23 |
1996 |
1.000,79 |
1,28 |
| 1991 |
630,38 |
11,89 |
1997 |
1.296,70 |
29,57 |
| 1992 |
733,42 |
16,35 |
1998 |
1.524,56 |
17,57 |
| 1993 |
803,56 |
9,56 |
1999 |
1.888,46 |
23,87 |
| 1994 |
829,37 |
3,21 |
2000 |
2.186,21 |
15,77 |
|
p: Provisional.
Source: Banco de la República, Economic Studies.
|
