Colombia | Remittances are strong in dollars and somewhat shy in pesos

In 2024, remittances in dollars grew by 17.7%, accumulating 6,634 million between January and July. However, this growth was lower in Colombian pesos due to a lower exchange rate. The depreciation of the exchange rate in the second half of the year is expected to further boost their value in pesos.

Key points

• Key points:
• Remittances in 2024 accumulated US$6,634 million between January and July, with an increase of 17.7% over 2023.
• Remittance growth in Colombian pesos was only 2.6%, affected by a lower exchange rate in 2024 compared to 2023.
• The expected exchange rate depreciation in the second half of the year will help boost the growth of remittances in Colombian pesos, maximizing their impact on household consumption.

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