Colombian Peso records 20% appreciation over five-year period

The Colombian peso has demonstrated significant appreciation, recording a 20% gain against the USD over five years and a 7.13% gain in the last 30 days, making it the top-performing emerging market currency in the latter period. This trend is confirmed, but analysts remain uncertain regarding the sustainability of this appreciation through 2026 and 2027 due to contested macroeconomic drivers. A key development is the confirmed decoupling of the peso from oil prices, which historically exhibited an inverse correlation.