The Colombian Peso (COP) has been the official currency of Colombia since 1837. The symbol used for the Peso is $. Banknotes are issued by the Banco de la Republica. A subdivision of the Peso is the centavo; 1 peso = 100 centavos.
Economy
Colombia has a free-market economy.
The country exports petroleum, cut flowers, nickel, coal, emeralds, bananas, and coffee.
The main import products are consumer goods, fuel, paper, chemicals, coffee, and apparel.
The unemployment rate is 11.2%.
Colombia has been showing positive growth over the last three years.
The service industry accounts for 52.7% of the total GDP.
History
The first was Peso was issued in 1837, replacing the Real at a rate of 8 Reales = 1 Peso.
In 1847, the currency was decimalized and 1 Peso = 10 Reales.
In 1871, Colombia became part of the gold standard and the country pegged the peso to the French Franc at 5 French Francs = 1 Peso.
After 1888, the Peso started to depreciate, due to increased printing costs.
From 1907 to 1914 Peso coins were issued at a fixed rate of 1 coinage Peso = 100 Pesos Moneda Corriente.
In 1915, the new Peso Oro paper currency was introduced replacing old paper Pesos, also at the rate of 1 Peso Oro = 100 old Pesos.
In 1931, Colombia changed its peg to the US Dollar at 1 USD = 1.05 Pesos.
In 1993, the word Oro was removed and the currency is now known as the Peso.
The Colombian government is debating whether to reintroduce a new Peso that is worth 1,000 old Pesos.
