Universidad de San Buenaventura Cali FinancialTools.io Colombia MacroUSB Cali · official data Español

Colombia macroeconomic monitordata as of 9 Oct 2026

The Colombian peso

The peso against the dollar and other currencies, the real exchange rate and what moves the peso: the global dollar, oil and foreign-currency flows.

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01

The peso in eight measures

Key points
  • One dollar costs $3,219 pesos: the peso strengthened 17.0% over 12 months.
  • Over the same period the global dollar changed -0.2% and peer currencies (real, Mexican peso and sol) -4.0% on average: the peso's move is mostly specific to Colombia.
  • The real exchange rate stands at 95.7 (2010 = 100), below its average since 2000.
Dollar (TRM) · 9 Oct 2026$3,219over 12 months -17.0% · a year ago $3,880Euro in pesos$3,630over 12 months -19.2%Peso against its peers-13.1 ppCOP -17.0% · real, Mexican peso and sol -4.0% on average (12 months)Global dollar (Federal Reserve)-0.2%against 26 currencies · 12 monthsReal exchange rate (ITCR)95.72010 = 100 · average since 2000: 126.6Brent oilUS$114.0dollars per barrel · 12 months +65.2%Peso volatility12.3%annualised, 60 days · average 7.5%Net international reservesUS$67.2 bnSep 2026 · PUT options auctioned in 2026: US$1,200 million
02

How is the peso doing against the dollar?

Key points
  • One dollar costs $3,219 pesos (-17.0% over a year).
Pesos per dollar (TRM)
Pesos per dollar$3,2199 Oct 2026▼ -17.0% vs. 1 year ago  ·  ▲ +3.3% vs. 1 month ago

?When the line falls the peso strengthens: fewer pesos are needed to buy one dollar.

Source: Banco de la República, market exchange rate (TRM), certified by the Financial Superintendence?Methodology. Pesos per dollar, last value of each week. Lower panel: percent change versus a year earlier.
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A strong dollar makes imports and dollar debts more expensive but helps exporters. To compare with other countries the real exchange rate (below) corrects for Colombian and trading partners' inflation. Above 100, the peso is "cheap" versus its historical average.

Real exchange rate (2010 = 100)
Real exchange rate95.7Aug 2026▼ -24.0% vs. 1 year ago

?Compares Colombian prices with those of trading partners in a common currency. Below 100 the peso is stronger than in 2010.

Source: Banco de la República, Real Exchange Rate Index (ITCR-CPI)?Methodology. Exchange rate adjusted for Colombian versus trading partners' inflation. Above 100 the peso is cheaper (in real terms) than in the base year.
03

Is it the peso or the dollar?

Key points
  • Over 12 months the Colombian peso moved -17.0% against the dollar, the Brazilian real -6.6%, the Mexican peso -4.1% and the Peruvian sol -1.2%; the dollar moved -0.2% against 26 currencies.
  • The gap between the peso and its peers' average is -13.1 pp.
  • Since 2008, the correlation between annual changes in the TRM and the global dollar is 0.79.
Change against the dollar over 12 months

?Change in units of each currency per dollar: positive = the currency weakens. 'Global dollar' is the Federal Reserve broad index (positive = the dollar strengthens).

Source: Banco de la República (TRM, real and sol); Federal Reserve, H.10, via FRED (Mexican peso and broad dollar index)?Methodology. Percentage change between the latest value and the last available 12 months earlier in units of each currency per dollar. Broad dollar index: 26 economies weighted by trade with the US.
TRM and global dollar: annual change

?12-month change. When both lines move together the peso follows the dollar worldwide; when they diverge, Colombian factors weigh more.

Source: Banco de la República (TRM); Federal Reserve, H.10, via FRED?Methodology. 52-week change in the TRM and the nominal broad dollar index (last value each Friday).
04

The peso against other currencies

Key points
  • Over 12 months the peso strengthened against 8 of the 8 currencies: Yen (-19.3%), Euro (-19.2%), Pound (-17.5%), US dollar (-17.0%), Peruvian sol (-16.5%), Mexican peso (-13.8%), Yuan (-11.0%), Brazilian real (-10.8%).
  • A negative sign = fewer pesos are needed to buy that currency.
Pesos per unit of each currency (index)

?How many pesos each currency costs, indexed to 100 at the start of the chosen horizon. If the line rises, the peso weakens against that currency.

Source: Banco de la República (mean COP per EUR and CNY rates; TRM; real per dollar); Federal Reserve via FRED (Mexican peso)?Methodology. Pesos per unit of each currency. Real and Mexican peso: cross rate = TRM ÷ (units of the currency per dollar). Weekly series; 100 at the start of the horizon.
The peso against each currency: 12-month change

?Change in pesos needed to buy one unit of each currency. Negative (green) = the peso strengthens.

Source: Banco de la República; Federal Reserve via FRED?Methodology. 12-month change in pesos per unit of each currency (Banco de la República mean rates; crosses with the TRM for real, Mexican peso and sol).
05

Real exchange rate: is the peso expensive or cheap?

Key points
  • The ITCR (weighted by total trade, deflated with CPI) stands at 95.7, -24.4% against its average since 2000.
  • The competitiveness index in the US market (ITCR-C) is 98.9.
  • Relative to its average, the bilateral ITCR ranges from -25.6% with China to -2.9% with United States (negative = more expensive peso).
Multilateral real exchange rate

?ITCR deflated with CPI and weighted by total trade, and ITCR-C (competitiveness against other exporters in the US market). Up = the peso becomes cheaper in real terms.

Source: Banco de la República?Methodology. CPI-based ITCR with total-trade weights (22 partners) and ITCR-C (competitiveness in the US market), base 2010 = 100. Dotted line: ITCR average since 2000.
Bilateral real exchange rate versus its average

?Distance of the bilateral ITCR (deflated with PPI) from its average since 2000. Negative = the peso is more expensive than its average against that country.

Source: Banco de la República?Methodology. PPI-based bilateral ITCR, latest month versus its average since 2000, in percent.

To understand · Superfinanciera · Banco de la República

How is the TRM computed and what is the real exchange rate?

The TRM (Representative Market Exchange Rate) is the reference price of the dollar in pesos. Today: $3,218.75 (9 Oct 2026). Colombia has a flexible exchange-rate regime: no authority sets the price of the dollar; supply and demand do.

1. Who computes it and from which trades

The Financial Superintendence of Colombia computes and certifies it every day. It is the amount-weighted average of dollar purchases and sales against pesos, agreed for same-day settlement, between foreign-exchange market intermediaries and other supervised entities, the Ministry of Finance and central counterparty clearing houses.

  • Derivatives, trades with foreign entities, cash trades and trades under US$5,000 are excluded.
  • The TRM computed from one day's trades applies on the next business day.
  • It is a reference rate: it is not mandatory in contracts; parties freely agree on their price.

2. The real exchange rate (ITCR)

The TRM says how many pesos a dollar costs; the real exchange rate says whether Colombian goods are expensive or cheap relative to other countries. The Banco de la República computes it as the peso's nominal exchange rate against its main trading partners' currencies, adjusted for relative inflation.

  • It covers the 22 main trading partners (at least 80% of trade), with 12-month rolling weights of exports and imports.
  • It is published with two deflators (CPI and PPI) and two weightings: total trade or non-traditional trade (excluding coffee, oil, coal, ferronickel, emeralds and gold).
  • Base 2010 = 100. The Bank warns that 2010 is only a comparison date, not an equilibrium level. The index rises when the peso becomes cheaper in real terms: today it stands at 95.7.
  • The ITCR-C measures competitiveness against other countries selling in the US market.

3. How to read the figures on this page

When the TRM falls, the peso strengthens (fewer pesos per dollar). To tell whether a move is Colombian or global, the page compares the peso with the Federal Reserve's broad dollar index (against 26 currencies) and with peer currencies: Brazilian real, Mexican peso and Peruvian sol.

Official sources

06

Oil and terms of trade

Key points
  • Between 2008 and 2019 oil and the peso moved closely together (correlation of -0.81 between their annual changes): on average, a 10% annual rise in Brent coincided with a TRM 3.3% lower.
  • Since 2020 the link is weaker (correlation -0.24; -0.6% per 10% of Brent).
  • Meanwhile, oil went from 31% to 26% of exports over five years.
  • Today Brent is at US$114.0 (+65.2% over 12 months) and the terms of trade changed +2.5% in a year.
Oil and the peso: annual changes (each dot is a month)

?Horizontal axis: how much Brent changed over 12 months; vertical axis: how much the TRM changed. Dots at the bottom right = oil rose and the peso strengthened. Each line summarises the average relationship in its period; the large dot is the latest observation.

Source: EIA via FRED (Brent); Banco de la República (TRM)?Methodology. Monthly averages; annual change of each. Lines: least-squares fit (TRM = a + b × Brent) in each period; they describe the observed association, not a forecast.
TRM–Brent and TRM–global dollar correlation (52 weeks)

?52-week correlation between weekly changes in the TRM and Brent (or the global dollar). It ranges from −1 to 1: near −1, when oil rises the peso almost always strengthens; near 0, no relationship; positive with the global dollar, the peso weakens when the dollar strengthens worldwide. Bands mark strong relationships (|r| > 0.5).

Source: EIA and Federal Reserve via FRED; Banco de la República?Methodology. 52-week rolling Pearson correlation between weekly percentage changes.
How much does oil weigh in exports?

?Share of goods export value (12-month sum). The more oil weighs, the more the supply of dollars depends on it; the terms-of-trade line (right axis) compares the prices of what Colombia sells with those of what it buys.

Source: DANE-DIAN (exports); Banco de la República (terms of trade)?Methodology. Exports of oil and derivatives and of coal over the total, FOB dollar values summed over 12 months. Terms of trade: export price index over import price index (BanRep).
07

Are dollars coming in or going out?

Key points
  • Over the last 12 months the foreign-exchange balance recorded +US$26,878 million on current account and −US$24,530 million in capital movements; gross reserves changed +US$2,348 million.
  • Net international reserves total US$67,228 million.
Foreign-exchange balance: 12-month sum

?Dollars that came in (+) or went out (−) through the FX market, in billions of dollars. The current account includes exports, imports, services and remittances channelled through the market.

Source: Banco de la República?Methodology. Monthly foreign-exchange balance (operations channelled through the FX market), 12-month rolling sum in billions of dollars.
Net international reserves and reserve purchases

?Line: net international reserves (billions of dollars). Bars: amount of PUT options auctioned each year to accumulate reserves.

Source: Banco de la República?Methodology. Net international reserves (end of month) and amount approved in PUT option auctions for reserve accumulation, summed by year.
08

How volatile is the peso?

Key points
  • The peso's annualised volatility over the last 60 days is 12.3% (above its average of 7.5%).
  • Today the Brazilian real has 11.8% and the Mexican peso 6.4%.
Volatility of the peso and its peers

?Standard deviation of daily changes over 60 business days, annualised (× √252), in percent.

Source: Banco de la República (TRM, real); Federal Reserve via FRED (Mexican peso)?Methodology. 60-business-day rolling standard deviation of daily log changes, × √252.
09

Methodological basis and literature

  1. Dornbusch, R. (1976). Expectations and Exchange Rate Dynamics. Journal of Political Economy, 84(6), 1161–1176.Why the exchange rate overreacts to monetary shocks.
  2. Meese, R. A. y Rogoff, K. (1983). Empirical Exchange Rate Models of the Seventies: Do They Fit Out of Sample? Journal of International Economics, 14(1–2), 3–24.Exchange rates are hard to anticipate: this is why the dashboard shows only observed data.
  3. Rogoff, K. (1996). The Purchasing Power Parity Puzzle. Journal of Economic Literature, 34(2), 647–668.The real exchange rate and purchasing power parity.
  4. Chen, Y.-C. y Rogoff, K. (2003). Commodity Currencies. Journal of International Economics, 60(1), 133–160.Currencies of commodity exporters and their link to commodity prices.
  5. Rey, H. (2013). Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence. Jackson Hole Economic Symposium, Federal Reserve Bank of Kansas City.The dollar and the global financial cycle move emerging-market currencies.
  6. Banco de la República. Metodología de cálculo del Índice de Tasa de Cambio Real (ITCR) de Colombia.Definition of the ITCR, deflators, weights and trading partners.
  7. Superintendencia Financiera de Colombia. Tasa de cambio representativa del mercado: antecedentes normativos y metodología.How the TRM is calculated and certified.
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Frequently asked questions

How much is the US dollar in Colombian pesos today?

One dollar costs $3,219 pesos: the peso strengthened 17.0% over 12 months. Over the same period the global dollar changed -0.2% and peer currencies (real, Mexican peso and sol) -4.0% on average: the peso's move is mostly specific to Colombia.

What is the TRM?

The Representative Market Rate: the average pesos per dollar of the previous business day's trades, certified by the Financial Superintendence.

What moves the dollar in Colombia?

Among other factors, the global dollar, oil prices, the interest-rate differential and investors' risk appetite.

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