Finance

Colombian banks expect 18 months of turbulence but see room to reactivate the economy
The heads of Colombia's largest financial conglomerates (Cibest, Aval, Bolívar and Grupo Social) anticipate 18 months of economic turbulence, amid a spending cut of about COP 14 trillion and a possible economic rescue law with an adjustment of up to 2% of GDP. Still, they voice optimism and propose investment incentives in housing, infrastructure, mining and industry, with guarantees, interest-rate subsidies and pension funds used for down payments.
FinanceColombiaEl EspectadorOct 23AI
Colombian peso: dollar closed lower on October 23 at 3,158.62 pesos
The dollar in Colombia closed on October 23 at 3,158.62 pesos, 26.39 pesos below the TRM of 3,185.01. During the session the currency hit a low of 3,136 and a high of 3,189, with 1,925 transactions worth US$1,556 million. The move came in below initial expectations, which pointed to an upward trend toward 3,200. Corficolombiana strategist Mauricio Acevedo said futures on U.S. stock indexes showed mixed performance.
FinanceColombiaEl Universal (Cartagena)Oct 23AI
Mabel Lara resigns from Cali Mayor's Office cabinet after nearly three years
Mabel Lara announced her resignation from the cabinet of the Cali Mayor's Office, closing a cycle of nearly three years in Alejandro Eder's administration. She made the announcement through a video on her social media and a statement thanking the mayor, the team and citizens. She was Tourism Secretary in 2024, then took over the Economic Development Secretariat on April 1, 2025, and in January 2026 moved to coordinating strategic projects. Her replacement is not yet known.
FinanceColombiaPulzoOct 23AI
Asoexport: dollar decline has cost coffee exporters nearly $2 billion
Gustavo Gómez, president of Asoexport, said the dollar's decline has cost the coffee sector close to $2 billion in exports. The peso has appreciated nearly 20% since the start of the year, with the exchange rate moving from levels of $5,000 to below $3,200. Production fell to 8.94 million bags, 10% less than a year earlier, and the guild expects to close 2026 at 12 million bags versus 13 or 14 million in 2025.
FinanceColombiaVanguardiaOct 23AI
Grupo Cibest chairman proposes adjusting Colombia's 2027 minimum wage by inflation and productivity, with a rise of 8% to 9%
Juan Carlos Mora, chairman of Grupo Cibest, said at the Camacol 2026 Colombian Construction Congress that the 2027 minimum wage adjustment should follow inflation plus productivity, with "a few small points" on top. Under those criteria, he estimated the increase could land between 8% and 9%. Mora said the social component of the minimum wage must also be considered. Formal talks are due between November and December at the Permanent Commission for the Coordination of Salary and Labor Policies.
FinanceColombiaEl País (Cali)Oct 23AI
Restrepo pushes the Misión Crecer plan in Medellín and Urabá with a goal of 6% GDP growth
Vice President José Manuel Restrepo continued his regional tour under the Misión Crecer strategy, part of the National Development Plan, which seeks to raise GDP growth to 6%. From Medellín he reiterated the need for a collectively built national roadmap, after visiting the Urabá region of Antioquia, which he described as key due to its potential in infrastructure, agro-industry and tourism. Restrepo said work is underway with local authorities and business leaders to attract investment and jobs, and that restoring investor confidence is essential.
FinanceColombiaPulzoOct 23AI
EPM halts new funding for Afinia and asks the government for a structural solution to the Caribbean energy crisis
EPM stopped injecting resources into its subsidiary Afinia and asked the national government for structural measures to address the Caribbean energy crisis. Its general manager, John Maya Salazar, said the company cannot make further investments without a structural solution and faces a liquidity problem. Afinia required about 1.5 trillion pesos from EPM last year and would demand a similar amount this year, with average collection at 57%. Medellín requested an 800 billion peso aid package, already authorized.
FinanceColombiaEl ColombianoOct 23AI
Colombia's dollar opens near COP 3,190 and later falls toward COP 3,156
The dollar in Colombia opened this Friday near COP 3,190.60, about COP 5.59 above the TRM of COP 3,185.01, which fell COP 6.46 from the previous session. As the session progressed, the exchange rate dropped to COP 3,156, approaching the COP 3,150 support despite the dollar's international strength. The dollar index is around 101.7 points and Brent trades near US$115 per barrel. Fedesarrollo reported that analysts expect the dollar at COP 3,190 for October and COP 3,250 for December.
FinanceColombiaXTB.comOct 23AI
Dollar opened at 3,172 pesos in Colombia after De la Espriella's 13.8 trillion peso cut decree
The dollar opened at 3,172 pesos in Colombia, compared with the previous day's close of 3,174, in a session of contained moves awaiting new macroeconomic data, according to JP Tactical Trading. The session was marked by the signing of Decree 1585, which applies a 13.8 trillion peso adjustment to the 2026 budget, after the 2027 General Budget of 634.95 trillion pesos was issued by decree. Brent rose above US$114 per barrel on geopolitical tensions in the Middle East.
FinanceColombiaPulzoOct 23AI
Dollar opens lower in Colombia this Friday, averaging $3,177
The dollar in Colombia opened this Friday, October 23, at an average of $3,177, down $8 from the Representative Market Rate of $3,185.01. Domestically, the Ministry of Finance issued Decree 1599 of 2026, setting the 2027 General National Budget at 634.9 trillion pesos, after the Senate and the Chamber failed to reconcile their texts. Wall Street opened lower, pressured by rising oil prices and doubts over the profitability of AI.
FinanceColombiaELHERALDO.COOct 23AI
Dollar opens lower in Colombia at 3,175.03 pesos against a TRM of 3,185.01
The dollar opened this Friday, October 23, 2026, at 3,175.03 pesos in Colombia, below the day's TRM of 3,185.01, a difference of 9.98 pesos. The official rate fell 6.46 pesos from the previous day's 3,191.47. In early trading the exchange rate moved between a low near 3,172 and a high of 3,177.
FinanceColombiaDiario del SurOct 23AI
What the TRM is, how it is calculated and how it affects the Colombian peso
The Market Representative Exchange Rate (TRM) is the simple arithmetic average of the weighted rates of all US dollar-peso purchase and sale transactions settled the same day by supervised entities, including commercial banks, financial corporations, brokerage firms, FDN and Bancoldex. When the rate rises, the peso depreciates and imports become more expensive; when it falls, the peso appreciates, importing becomes cheaper but exporters may lose competitiveness. The report cites one dollar at 3,185.01 pesos.
FinanceColombiaPulzoOct 23AI
Dollar opened at 3,172.00 pesos and the TRM stood at 3,185.01 pesos on October 23
Around 8:00 a.m. on October 23, 2026, Banco de la República reported that the dollar opened at 3,172.00 pesos, while the Representative Market Rate stood at 3,185.01 pesos, down 6.46 pesos from the previous session. Compared with the TRM a week earlier, the indicator rose 14.55 pesos (0.46%), and compared with a year ago it fell 715.81 pesos (18.35%).
FinanceColombiaNoticias RCNOct 23AI
Dollar opens at COP 3,172, COP 13 below the October 23 TRM
The dollar began trading on October 23 at COP 3,172, a drop of COP 13 from the COP 3,185 TRM set by the SuperFinanciera. In the first minutes the currency showed volatile behavior, with a high of COP 3,180, a low of COP 3,171 and an average of COP 3,175. Traded volume so far stands at 250 million. Globally, the dollar index was down 0.18% at 70.905 units.
FinanceColombiaRevista SemanaOct 23AI
Dollar opened lower in Colombia: started at 3,175 pesos and moved away from 3,200
The dollar opened in Colombia at 3,175.03 pesos, a drop of 9.98 pesos from the day's TRM of 3,185.01. In the morning it traded between a low of 3,172 and a high of 3,177. Corficolombiana strategist Mauricio Acevedo attributed the mixed performance of U.S. stock futures to concerns over the capital needed to finance the rapid development of artificial intelligence. In Colombia, buying intentions are expected around 3,140 in the short term.
FinanceColombiaEl ColombianoOct 23AI
Colombian peso opens stronger on Friday, October 23, with dollar at 3,175.03 pesos
The dollar in Colombia opened Friday, October 23, lower at 3,175.03 pesos, a drop of 9.98 pesos from the TRM of 3,185.01. By 8:00 a.m. the currency traded between a low of 3,172 and a high of 3,177. The market was marked by investor caution over international signals, particularly from the U.S. technology sector, according to Corficolombiana strategist Mauricio Acevedo.
FinanceColombiaEl Universal (Cartagena)Oct 23AI
Downward trend of the dollar in Colombia hits importers and exporters
The dollar's exchange rate in Colombia keeps a downward trend and is approaching strategic levels at exchange houses and the country's bourses, according to the report. The decline in the Representative Market Rate (TRM) is attributed to international factors, such as monetary policy decisions in the United States, and to local supply and demand dynamics for foreign currency. The fall benefits importers of industrial inputs and food, while exporters and the coffee sector watch the market because a weaker dollar reduces their income in local currency.
FinanceColombiaDiario del SurOct 23AI
Dollar holds below COP 3,200, with budget and Fed as key drivers
The dollar in Colombia remains below COP 3,200, according to El Espectador. Local factors include the 2027 General Budget, whose amount stands at COP 634.9 trillion after the first-debate text was applied, and the Banco de la República's rate decision on October 30, with the rate at 12.25%. Abroad, September US inflation (3.7% annual), expectations around the Fed and oil prices weigh in. The currency closed at COP 3,183.80 after touching COP 3,214.
FinanceColombiaEl EspectadorOct 23AI
Caribe BIZ Forum 2026: Colombia's Caribbean region seeks to become the axis of business development
The 12th edition of Caribe BIZ Forum, organized by the Barranquilla Chamber of Commerce and held on October 15, concluded that Barranquilla and the Caribbean should leverage their location to attract foreign investment. The CCB's executive president, Efraín Cepeda Tarud, presented his priorities: an energy hub, logistics and technological development, and tourism. Vice President José Manuel Restrepo said 26 of the 85 Misión Crecer projects are in the Caribbean region.
FinanceColombiaELHERALDO.COOct 23AI
Findeter has $243.5 billion ready to lend in areas hit by emergencies
Findeter president María Paula Tejada Bustos announced the Territorios Milagro credit line, with 243.5 billion pesos aimed at subsidizing interest rates and financing recovery projects in areas affected by emergencies and natural disasters. Eligible borrowers include governorships, municipalities, regional decentralized institutes or companies, and affected private companies. As a second-tier bank, Findeter disburses funds through rediscounting via supervised financial intermediaries.
FinanceColombiaLas2OrillasOct 23AI