¿Por qué el peso colombiano es una moneda tan volátil?

TL;DR

The Colombian peso is one of the most volatile currencies globally, despite strengthening against the dollar in 2023.
Its volatility is linked to susceptibility to global movements of the US dollar.
Structural issues in Colombia, such as high fiscal and current account deficits, make it vulnerable to external shocks.
The fiscal deficit means the government spends more than it earns.
The current account deficit signifies that Colombia imports more than it exports, requiring more dollars than it generates.
Market caution arises from Colombia's potential dollar shortage during global financial crises or recessions.
Political uncertainty, particularly concerning government reforms in Congress, exacerbates the abrupt movements of the dollar.
Declines in the dollar's value are partly due to the market's assessment that reforms may not pass or will be significantly modified, reducing future fiscal risks.

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