The US dollar is paid at the opening to 35.53 Nicaraguan córdobas on average, which was 0.06% compared to the previous day's average value of 35.55 Nicaraguan córdobas.
Taking into account the last seven days, the US dollar has accumulated a decrease of 10.12%, although, on the contrary, for a year it has still accumulated an increase of 1.72%. If we compare the figure with previous days, it reverses the result of the previous day, when it marked a rise of 2.61%, showing that it is not able to establish a clear trend recently. With reference to the volatility of the last week, it is 90.61%, which is clearly higher than the annual volatility figure (15.74%), so it is going through a phase of instability.
In the annual photo, the US dollar has even changed by a high of 39.53 Nicaraguan córdobas on average, while its lowest level has been 34.75 Nicaraguan cordobas on average. The US dollar is closer to its low than its maximum.
Nicaraguan
Cordoba Cordoba is the currency unit of legal use in Nicaragua and is abbreviated NIO; it is divided into 100 cents and its transit is controlled by the Central Bank of that country.
The name of the coin comes in honor of the second surname of the Spanish conquistador, Captain Francisco Hernández de Córdoba, who also founded the cities of Granada and León.
Cordoba was introduced on August 25, 1908, under the mandate of then-President Adolfo Díaz, who issued a coin of 10 córdobas and replaced the peso. The new currency had at the time an exchange rate of 5 córdobas per pound sterling.
On November 13, 1931, córdoba began trading at a parity rate of 1.10 córdobas per US dollar, but after several devaluations it rose to 7 córdobas per US dollar between 1946 and April 1979.
It was not until 1991 that the government in turn launched a successful monetary stabilization plan that succeeded in curbing hyper-devaluation and obtained price, exchange rate and monetary stability. As of January 1993, the country switched to the mini-evaluation system, which since 2019 has been 3% per annum.
In economic terms, Nicaragua has recorded significant falls. In 2018 and 2019 the Gross Domestic Product decreased by -3% and in 2020 by -2%, although it increased slightly in 2021, the Nicaraguan economy is only above Venezuela.
In addition, under the current government of Daniel Ortega, the World Bank has estimated that poverty rose from 13.5% in 2019 to 14.6% in 2021. In addition to the pandemic, this country also fell prey to hurricanes Eta and Lota, which left great havoc.
In this context, it is added that the United States and European Union sanctions on the nation have led the country to ally with Venezuela, Cuba and China, which was reinforced after the last elections in which Ortega achieved his re-election were branded as fraudulent.
According to a projection by the Economic Commission for Latin America and the Caribbean (ECLAC), Nicaragua, as well as Guatemala or the Dominican Republic, will not restore its economic level in 2022 as before the coronavirus pandemic.
Agencies
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