What is Colombian peso?
The peso is divided into 100 centavos. However, because the value of [[Colombia]]’s [[currency]] is extremely low. Although 1 centavo and 5 centavo coins still exist, the lowest denomination of the Colombian peso that is commonly used is the 50 pesos coin. The central bank of Colombia – Banco de la República – is the entity tasked with issuing Colombian currency and with monitoring and controlling the foreign [[exchange rate]] for the peso. ==Summary== * The Colombian peso is the official currency of the Republic of Colombia. * Colombian banknotes are printed in denominations of 2,000, 5,000, 10,000, 20,000, 50,000, and 100,000 pesos. Coins are also minted in denominations of 100, 200, 500, and 1,000 pesos. * The central bank of Colombia – Banco de la República – is the entity tasked with issuing Colombian currency and monitoring and controlling the peso’s foreign exchange rate. ==Colombian Peso Currency== The peso was first produced in 1810, when it replaced the Spanish real. At that time, the peso was pegged to the real at an exchange rate of 8 reals to 1 peso. During the rest of the [[19th century]], Colombian currency included gold and silver coins in varying denominations, up to a 10 peso gold coin. Modern Colombian coins are minted, like those of other currencies, using primarily copper and nickel alloys. In the early [[20th century]], the Colombian peso was pegged to the British pound sterling. Still, the government transferred the peg to the US [[dollar]] in 1931 at an exchange rate of 1.05 pesos to 1 US dollar, when Britain abandoned the gold standard. The peg to the US dollar remained until 1949, when continuing inflation in Colombia forced the central bank to abandon the US dollar peg. Colombia ceased minting all centavos coins – those with a value of less than 1 peso – in 1984. In the most recently minted coin series in Colombia – the 2012 series – the lowest denomination coin minted and in circulation is the 50 pesos coin. Coins are also minted in denominations of 100, 200, 500, and 1,000 pes