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

Summary

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.

Geographies

Topics

Tags