Colombia’s Peso Holds Near 3,855 As Markets Weigh Politics, Carry, And Credibility

By RT Staff Reporters · December 19, 2025 · 2 min read

Key Points

USD/COP traded near 3,855 early Friday; the official TRM was set at 3,874.71.
The MSCI COLCAP ended Thursday at 2,055.10 (+0.09%) on about COP 119.67 billion ($31 million) in turnover.
The bull case is still “cheap valuation plus policy hopes,” but fiscal doubt keeps a discount in place.

USD/COP was near 3,854.9 in early Friday trading. On Thursday it swung roughly between 3,840 and 3,888 before settling around the mid-3,860s, leaving the peso firm but not trending.

Colombian equities barely moved. The MSCI COLCAP rose 0.09% to 2,055.10, with market value near COP 297 trillion ($77 billion). Investors still treat Colombia as a rerating story with conditions.

An EM strategist described the rally as built on “cheap valuation,” a softer dollar, and expectations of a shift toward a more market-friendly government—yet the election field and rule-setting remain the swing factors.

Offshore exposure has grown too: the U.S.-listed Colombia equity ETF COLO has about $114 million in assets and roughly $42 million of net inflows over the past year.

Colombia’s Peso Holds Near 3,855 As Markets Weigh Politics, Carry, And Credibility. (Photo Internet reproduction)

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The global backdrop helped. A softer U.S. inflation reading nudged Treasury yields down, lifted U.S. equities, and kept the dollar index around the 98 area.

Carry remains Colombia’s strongest tailwind. The central bank’s policy rate is 9.25%. A large broker note flagged tight liquidity conditions and cited Moody’s warning that, without a credible adjustment, the deficit could exceed 7% of GDP in 2026.

The finance ministry says liability-management operations saved more than COP 21 trillion ($5.5 billion) in debt service this year.

On the stock tape, trading clustered in PF Cibest (about COP 31.84 billion, $8.3 million), Ecopetrol (COP 9.85 billion, $2.6 million) and Cibest (COP 8.41 billion, $2.2 million).

Headlines included Colombia’s recognition of Canacol Energy’s restructuring process, press chatter of a Grupo Cibest move involving Banistmo in Panama, and a joint Ecopetrol-Petrobras marketing of offshore Sirius gas (249 million cubic feet per day).

Top winners: Grupo Aval (+2.90%), Conconcreto (+1.82%), ISA (+1.36%), Grupo Cibest (+1.08%), Corficolombiana (+0.96%).

Top losers: Ecopetrol (−1.65%), Grupo Bolívar (−1.42%), Celsia (−1.32%), Éxito (−1.24%), Promigas (−0.78%).

Live Market IntelligenceColombia — Live Market BoardInside: market breadth, the sector heatmap, currencies & rates, the Latin America scoreboard and the full instrument board.

Rio Times · Live Market Intelligence

Colombia — Live Market Board

BVC · Bogotá
Jul 24, 2026 · 22:59

MSCI COLCAP · benchmark

2,274.53
-0.38%

L 9.02day rangeH 9.05

Market breadth · 9 names

22% advancing

2 ▲ advancing7 declining ▼

Currencies, rates & key inputs

USD / COP

3,218

+0.07%

Brent crude

98.38

-2.29%

WTI crude

90.47

-1.87%

Sector heatmap · average move today

Industrials

+3.57%

TECNOGLASS

Financials

-1.22%

BANCOLOMBIA, GRUPO AVAL, CREDICORP

Mining

-1.31%

BUENAVENTURA

Other

-1.92%

BRENT, WTI, SOUTHERN COPPER

Energy

-1.96%

ECOPETROL

Latin America scoreboard

IndexLastTodayStrength

IbovespaBrazil
174,041.95
-1.52%

S&P/BMV IPCMexico
66,247.47
-1.56%

S&P IPSAChile
10,950.74
+0.31%

S&P MERVALArgentina
3,283,854
-1.07%

MSCI COLCAPColombia
2,274.53
-0.38%

BVL S&P PerúPeru
58,287.01
—

Full instrument board

Instrument	Last	Change	YoY	Prev.	High	Low	Volume
COLCAP	2,274.53	-0.38%	—	9.04	9.05	9.02	4,133
USD/COP	3,218	+0.07%	-20.28%	3,215	3,280	3,156	—
BRENT	98.38	-2.29%	+42.21%	100.69	101.16	95.14	29,916
WTI	90.47	-1.87%	+37.01%	92.19	92.83	87.68	336,373
ECOPETROL	16.01	-1.96%	+86.60%	16.33	16.49	16.00	1,579,487
BANCOLOMBIA	86.01	-0.90%	+95.03%	86.79	88.04	86.01	401,969
GRUPO AVAL	4.79	-3.04%	+60.40%	4.94	4.97	4.75	129,296
TECNOGLASS	45.30	+3.57%	-41.34%	43.74	45.67	43.81	291,308
CREDICORP	388.77	+0.29%	+64.69%	387.63	394.26	386.06	161,331
BUENAVENTURA	30.91	-1.31%	+77.95%	31.32	31.84	30.89	250,540
SOUTHERN COPPER	179.29	-1.61%	+89.26%	182.22	183.14	179.03	927,406