The fall of the Colombian peso could mean big savings for Expat shoppers living in Ecuador, COL's neighbor to the south.
The value of the peso has fallen from 1,800 to the U.S. dollar down to 3,125 to the dollar just since last year, says ex-Colombian resident turned EC entrepreneur Dominic Buonacami.
As he sees it, the value of the dollar has close to doubled, meaning "you can buy (almost) twice as many pesos as a year ago."
Dom, the owner of Quito Airport Suites and blogger at ecuadorrealestate.com , was reporting in from the border where he says the line of vehicles from Ecuador entering southern Colombia was three hours long.
For years Ecuador was cheaper than Colombia, says Dom, "but now on most things, Colombia has Ecuador beat."
Dom is putting out an import guide for EC shoppers and business people, available at an intro price of $29.99 until the end of September (2015). He can be contacted at ecuadorrealestate.com
cccmedia in Quito
Colombia on Sale !
I've become increasingly skeptical of Dom's advice. He seems like he's gone over to the dark side... scamming new and would-be expats to make a buck.
Though not historically considered one of the world's top oil producers, Colombia has been hit hard by the drop in oil prices, according to an analysis earlier this year in The Bogotá Post.
"The Colombian peso is currently one of the worst-performing currencies in the world," reported the newspaper.
Last year, the state oil company Ecopetrol "was briefly the most valuable company in Latin America and the peso the most valuable currency."
By early this year, the company had lost three quarters of its value and the currency was starting to dive.
source: The Bogotá Post
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