If, as feared, the currency falls below 3,000 pesos in the coming days, Colombia would be facing a scenario not seen since July 2019. Credit: ColombiaOneU.S. dollar in Colombia drops. “We have entered a phase in which it could develop over the coming months into the 3,000- and 2,800-peso range.” The tensions reduce crude oil supply and drive up prices, benefiting Colombia because they increase foreign currency revenues. However, a definitive drop in the dollar below 3,000 pesos will depend on the implementation of the new president’s main proposals, and that will take months. The dollar surpassed the 4,000-peso barrier in Colombia in mid-2022, shortly before President Gustavo Petro took office, and remained above that level for several months.