The Colombian Peso Currency Calculator

COP Currency Exchange Rate

What is the unit of money in Columbia. Currency in Columbia is the Colombian Peso (COP; symbol Col$) = 100 centavos. Notes are in denominations of Col$50,000, 20,000, 10,000, 5,000, 2,000 and 1,000. Coins are in denominations of Col$500, 200, 100, 50 and 20.

The Republic of Colombia is among the few countries with vibrant history considering some of the issues that have been evident over the past few decades. Some of the problems which seem to be depicted in Colombia include the drug trafficking levels which have hit the roof. Accompanying the high drug trafficking levels include the increased rates of robbery which have since had huge implications on the economic setup of the country. One fact that has since emerged is the fact that the Colombian pesos are losing value, for instance, its exchange rate with the US dollar is close to 300 Colombian Pesos.

Economic Trends and Banks Operating in Colombia.

The banks have however made significant attempts to try and tackle some of the issues which have accrued from the problems affecting the Colombian economy. Among some of the moves with which the banks have made is to come up with greater denominations. Some of the major banks that are in operational include Bancolombia, Banco de Bogota, Banco Davivenda among others.

A few decades ago, coins were being extensively used, but currently, they seem to be on the verge of being phased out. The issue that therefore appears to be very clear is that the Colombian Pesos is losing value considering that there is always need to carry around thousands even when making insignificant transactions. 

The current trends which seem to have taken over major Colombian operations are the fact that some have opted to go for the US dollar more so when making most of their transactions. It is based on the fact that the US dollar is far much stable, unlike the Colombian Pesos. One problem that seems to be a problem when adopting foreign currencies is the fact that most of the Colombians have still shown great attachment to the Colombian Pesos. The primary reason is basing on the fact that it acts as an actual item and its unique design gives it greater pride.

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