COP- USD Exchange Rate 

Learn about the law that restores regular response times to Right of Petition (“Derechos de petición”)

The President of the Republic sanctioned Law 2207 of 2022, which partially repealed the content of Legislative Decree 491 of 2020, through which the President of the Republic had adopted the emergency measures to address the crisis arising from Covid-19 pandemic, regarding the term of response of rights of petition and administrative or jurisdictional actions in administrative entities.

The law that establishes economic incentives for hiring post-penalty population entered into force

Through Law 2208 of 2022, the Colombian Congress established tax, economic, corporate and other benefits for companies that hire post-prisoners, or those serving sentences with work authorization, provisional release or penalty suspension with work permit. Additionally, the formulation of a second chance entrepreneurship route was ordered to promote business creation by this population.

GDP in imports increased 8.5% and 49.6% in the first quarter of the year

Last week, the National Administrative Department of Statistics (DIAN- Acronym in Spanish) published the technical bulletins referring to the GDP for the first quarter of the year and imports.

According to the results, during the first quarter of 2022, GDP grew 8.5% compared to the same period in 2021. Compared to the last quarter of 2021, growth adjusted for seasonal and calendar effects was 1.0%. This variation is explained in particular by the activities of Wholesale and retail trade, Manufacturing and artistic industries, along with entertainment, recreation and other service activities.

As for imports, they were USD $7,063 million CIF (English acronym for “Cost, Insurance and Freight”), being 43.1% higher than those of March 2021, a behavior that was mainly due to an increase in manufacturing exports of around 35.5%, and 64.2 % than those of 2019, pre-pandemic levels.