The Colombian peso (COP) depreciated by 1.9% month-over-month in July, a development attributed to several interconnected factors on both the international and domestic fronts, according to a report from Bancolombia‘s International and Foreign Exchange Analyst, Maria Paula Gonzalez Rodriguez. The depreciation coincided with a strengthening of the US dollar, a decrease in global tariff-related uncertainty, and local fiscal policy signals.

The US dollar’s global appreciation significantly drove the peso’s performance. The Dollar Index (DXY) rose by 3.2% in July, supported by a more hawkish stance from the US Federal Reserve (Fed), solid economic data from the US, and new international trade agreements. The Fed’s Federal Open Market Committee maintained the federal funds rate at 4.25%-4.50% for the fifth consecutive time, a decision that analysts cited as contributing to the dollar’s strength. US economic indicators, including retail sales, industrial production, and second-quarter GDP, surpassed expectations. GDP grew by 0.7% compared to the first quarter, exceeding the 2.5% annualized estimate.

Looking ahead, Bancolombia projects the USD/COP exchange rate to trade between $4,000 COP and $4,200 COP over the next month.

July also saw the US finalize trade agreements with several partners, including Japan, Indonesia, the Philippines, and the European Union. Negotiations with China also resumed. These developments were noted as a factor in reducing global trade-related uncertainty, which, in turn, supported the dollar.

On the domestic front, the proposed 2026 General Budget (PGN 2026) raised concerns regarding Colombia’s public finances. The budget, which is set to increase to $557 trillion COP, faced scrutiny for a planned rise in primary spending and its reliance on assumptions of lower interest payments and higher revenues. The fiscal figures, revised within a short timeframe, contributed to increased market uncertainty and a higher risk premium for the country.

In the foreign exchange market, the USD/COP pair traded in a range between $3,949 COP and $4,205 COP during July, closing the month at $4,181 COP. This represented a $79 COP increase from the end of June. Daily trading volume averaged $1.2 billion, with an average of 1,928 transactions per day. The average intraday volatility was $46.5, which was in line with the year-to-date average.

Looking ahead, Bancolombia projects the USD/COP exchange rate to trade between $4,000 COP and $4,200 COP over the next month. The forecast maintains a depreciation bias for the peso, citing an elevated risk premium. The report also highlights international trade policy as a dominant factor, noting upcoming deadlines for reciprocal tariffs and a temporary tariff reduction agreement with China. Furthermore, the Central Bank of Colombia’s decision on July 31 to maintain its policy rate at 9.25% is expected to create upward pressure on the year-end rate. It may enhance the appeal of carry trade strategies, posing a downside risk to the peso.

Colombian Peso. Photo credit: Mano Chandra Dhas.

NG Energy International Corp. (TSXV: GASX) (OTCQX: GASXF) has announced the commencement of drilling at the Aruchara-4 well at the Maria Conchita block in La Guajira, Colombia, and an increase in production at the Sinu-9 block in Córdoba, Colombia.

At the Maria Conchita block, the Aruchara-4 well is being drilled to a total depth of 10,000 feet. The well targets the Jimol formation and aims to develop the H1A and H1B accumulations. The company will also explore the potential for reserve and resource extension in the H2 AA section and H3 and H4 fractures, and test the limestone formation on top of the well’s basement. The well is expected to be completed and tied in by the end of September 2025.

After the drilling of Aruchara-4, the rig will be used for a workover and recompletion of the Aruchara-3 well to address a downhole mechanical obstruction. The company will then proceed with the drilling of the Aruchara-5 well.

At the Sinu-9 block, gross production has reached 22 million cubic feet per day (MMcf/d). The company is completing the installation of dew point handling equipment at the Central Processing Facility, with full installation expected by the end of August. Once the equipment is installed, aggregate gross production at Sinu-9 is projected to increase to up to 30 MMcf/d.

The company is also working with its infrastructure partner, INFRAES, on the construction of a twin pipeline to double transportation capacity from Sinu-9. The project is being completed in two phases. The first phase, an 18-kilometer loop from Jobo, is expected to increase transportation capacity to 40 – 45 MMcf/d. The second phase, the full twin pipeline, is expected to be completed in the first quarter of 2026 and will increase transportation capacity to 60 MMcf/d.

Aruchara-4 Drilling Rig. Photo credit: CNW Group/NG Energy International Corp.

On August 14, 2025, low-cost carrier Wingo announced the launch of a new direct air route connecting Bogotá and Guatemala City. The service, which will operate three times per week, is scheduled to begin on October 27. The new flights are a strategic response to increasing travel demand from Colombian tourists seeking destinations in Central America.

The new route will offer flights on Mondays, Wednesdays, and Fridays, providing a non-stop connection between Colombia’s capital and Guatemala City. This expansion facilitates access to a country known for its cultural, natural, and historical attractions.

The Instituto Guatemalteco de Turismo (INGUAT), the government entity responsible for tourism, reported a significant increase in Colombian visitors. According to INGUAT, 39,000 Colombians visited Guatemala during the first half of 2025, marking a 9% increase compared to the same period in the previous year. In 2024, the country welcomed more than 58,000 Colombian visitors.

Lake Atitlán. Photo credit: Wingo.

Harris Whitbeck, director general of INGUAT, noted the importance of the Colombian market. “Colombia is one of our key source markets in South America. This new air connection will make it easier for more travelers to discover the natural, cultural, and culinary richness that Guatemala offers.”

Jorge Jiménez, commercial and planning vice president for Wingo, a subsidiary of Copa Holdings (NYSE: CPA), stated that the new route is aimed at expanding travel opportunities for Colombians.

The new service arrives in time for Guatemala’s primary tourism seasons, including the Festival of Giant Kites in Sumpango and Santiago Sacatepéquez in November, as well as the dry season, which runs from November to April. The flight is expected to have a duration of approximately three hours and 30 minutes.

Parque Nacional. Photo credit: Wingo.

This has been a heavy week in Colombia. On Wednesday we had the funeral of Miguel Uribe at which both the pain and dignity of his loved ones was in the full public domain – I always wonder why such intimate moments have to be shared with the whole world, especially when many of them are just morbid onlookers, nonetheless credit to the family who have been thrust into the spotlight.

If only others had acted in such a dignified manner.

Instead, far too many took it as an opportunity to draw the light of tragedy onto themselves. Some were in a passive-aggressive form that left little to the imagination regarding whom they wanted to blame. Some try to ‘take up the mantle’ of Miguel’s campaign, even though their views are far less conciliatory toward others. And finally, those who just came out and said it: ‘Miguel dead, Alvaro in prison, and a terrorist running the country’. It’s as despicable as it is, unsurprisingly, at a time when a family is trying to mourn its loss.

We will leave the subject there and the family in peace.

Elsewhere, and yes, life goes on, the ANDI – Asociación Nacional de Empresarios de Colombia is holding its annual gathering/cocktail party on the coast, and despite their call for the country to pull together at a difficult moment, President Gustavo Petro wasn’t invited, and the rest of the cabinet promptly cancelled. The reason offered up (in short) was that he didn’t appear when invited previously, etc. The ANDI has been critical of Petro’s reform process at every turn, whilst rarely offering alternative solutions, so whether he would have attended is open to debate – regardless, the behavior is unbecoming of either party.

There was positive news from Fedesarrollo as consumer confidence rose once again in July to 5.3% (June 2.2%) – a year ago it was -9%. This was reflected in June retail sales (+10.1%), which again were driven by vehicles, electronics, and domestic goods, a reflection of increasing domestic demand.

The real sector also fared well in June, with manufacturing production (+2.2%) rising for a second month, with 22/39 sectors in positive territory. Industrial production also rose 1.3% having fallen slightly in May.

The Departamento Administrativo Nacional de Estadística – DANE Colombia reported that overall Q2 civil works rose by 9% – there was, however, a 7% contraction in building construction for the same period. The overall picture is hard to read, but later today, Q2 GDP is due out (consensus 2.4%), which will give us a better idea of how this vital sector is faring.

The stock market continues to prosper. The bvc-Bolsa de Valores de Colombia S.A. COLCAP is now up 32% (local) & 44% (USD) YTD, volumes have even begun to tick upwards. Again, feel sorry for those badly advised to ship their cash to Miami to gain single-digit returns before costs.

Have a great day.

Regards Roops.

Never miss Rupert’s latest commentary.
Follow him now on LinkedIn to see What Jumps Out.

The posthumous tribute in memory of Senator Miguel Uribe Turbay, honoring his legacy and service to Colombia. Photo credit: Canal Congreso Colombia/YouTube.

EPM‘s board of directors has officially approved a Disposal Program aimed at selling 100% of its shareholding in UNE EPM Telecomunicaciones S.A. (UNE). The sale involves 5,015,035 shares, representing 50.00001% of the company’s subscribed and paid-in capital. The board has set the sale price for each share at $418,741 USD.

UNE EPM Telecomunicaciones S.A. is currently undergoing a period of economic recovery and stabilization, prompting discussions about the initiation of the sale process. Meanwhile, EPM has sufficient time to exercise its exit rights as specified in the Shareholders’ Agreement, indicating a strategic move in response to the current market conditions.

On August 21, 2024, the Council of Medellín approved, in second debate, by 16 votes in favor and 5 against, the sale of EPM’s non-controlling shareholding in UNE EPM Telecomunicaciones S.A. (UNE) and Inversiones Telco S.A.S (Invertelco).

What’s next in the process of alienation

Following the approval of the Disposal Program by the board of directors and the setting of the sale price of the shares, EPM will move forward with the temporary registration of the shares of UNE EPM Telecomunicaciones S.A. (UNE) in the National Registry of Issuers and Securities and, after that, will execute the sale process, as established in Law 226 of 1995. Like this:

First stage: the shares will be offered at the price set by the board of directors to the recipients of special conditions, among whom are the company’s active and retired workers, associations of employees or former employees, workers’ unions, employee funds, severance, and pension funds and cooperative entities, among others, from the list contained in Article 3 of the same Law 226.

This stage is expected to take place during the last quarter of 2025, and the recipients of special conditions will have a period of two months, from the launch of the offer, to submit their acceptances.

If not all the shares are sold in the first stage, the remaining shares may be offered to the public during the next stage.

Second stage: the actions will be available to the public. Any natural and/or legal person who meets the conditions established in the regulations of this stage may participate in this stage. Its execution is projected for the first months of 2026.

EPM says that it will in due course publish the regulations that will detail the conditions of each stage, the respective notices with which each of them begins, in addition to the relevant information that may have an impact on the sale process.

Subsequent stages

If the sale of EPM’s shares is not achieved in the two stages described above, the shareholders’ agreement and the bylaws of UNE EPM Telecomunicaciones S.A. (UNE) establish a right of first refusal for the controlling shareholders. With this, Millicom has the possibility of directly acquiring EPM’s shares in the company.

If Millicom does not make use of this right of pre-emption as a controlling shareholder, EPM could subsequently link it to the sale and jointly offer the entire shareholding held by both shareholders in UNE EPM Telecomunicaciones S.A. (UNE). This is possible thanks to the clause for the protection of public assets that is in force until December 31, 2026.

Federico Gutiérrez Zuluaga, mayor of Medellín, and John Maya Salazar, general manager of EPM. Photo credit: EPM.

The Global Seafood Alliance (GSA) has announced the keynote speakers for its annual Responsible Seafood Summit, which will be held in Cartagena, Colombia, from September 29 to October 2. The event, in its 24th year, will focus on the theme of “impact” and have an agenda designed to address challenges facing the seafood industry.

The summit’s program includes discussions on various topics, such as antimicrobial resistance, the role of tilapia in food security, traceability system standardization, and support for small-scale fishers and farmers. The event will also feature case studies on Fishery Improvement Projects for Argentinian red shrimp and mahimahi, and an analysis of the impact of tariffs on global seafood trade. For the first time, a breakout session will be delivered in Spanish.

Featured Speakers

The opening keynote will be delivered by Dr. Shakuntala Haraksingh Thilsted, director for nutrition, health, and food security impact area platform at the Consortium of International Agricultural Research Centers (CGIAR). Dr. Thilsted will address the impact of seafood and seafood production on global food security, specifically concerning protein provision in regions with high need. Dr. Thilsted received the 2021 World Food Prize and the Arrell Global Food Innovation Award for her work on nutrition-sensitive aquatic food systems. She currently serves on several United Nations panels and co-chairs the EAT-Lancet 2.0 Commission.

Dr. Dariush Mozaffarian, a cardiologist and dean of the Friedman School of Nutrition Science and Policy at Tufts University, will discuss the role of seafood consumption in human health. Dr. Mozaffarian has authored approximately 400 scientific publications and has guided various organizations, including the World Health Organization (WHO) and the American Heart Association.

Dr. Jason Clay, senior vice president of markets at World Wildlife Fund-US (WWF-US), will provide his perspective on global trends within food systems. Through his leadership of WWF’s Markets Institute, Dr. Clay has worked with the private sector on sustainable agriculture, aquaculture, and fisheries. His work over a 35-year career has focused on a systems-level view of challenges across the food supply chain.

Registration and Logistics

The four-day summit provides a platform for industry leaders to network, participate in field trips, and engage in discussions on seafood production, sourcing, and trading. Registration and a full agenda are available on the Global Seafood Alliance’s event website.

The GSA offers three pricing tiers for the event, with discounted rates available for GSA corporate members and residents of Latin America. The hotel block for the event closes at the end of August.

Oysters. Photo credit: Global Seafood Alliance (GSA)

The financial closure for the Buga-Buenaventura highway project has been completed, securing a total of $3.66 trillion in funding. Financiera de Desarrollo Nacional (FDN) participated in this operation by providing a $290 billion senior loan, with a provision for a potential increase in the future.

The other financial institutions involved in the project are the International Finance Corporation (IFC), the Inter-American Development Bank (IDB), Bancolombia (NYSE: CIB), Bancóldex, and BBVA (NYSE: BBVA).

The project is sponsored by the Spanish company Sacyr (BME: SCYR). It covers a 128 km segment between Buga and Buenaventura, including the construction of 35 km of new roadway and bypasses, as well as the rehabilitation of 25 km. The plan also involves the upgrade and improvement of 186 km of existing road, in addition to the operation and maintenance of 244 km.

About FDN

Financiera de Desarrollo Nacional (FDN) operates as a private-sector development bank specializing in providing financial solutions for infrastructure projects. Its objective is to increase liquidity within the infrastructure sector.

The shareholders of FDN include Grupo Bicentenario, the International Finance Corporation (IFC), Sumitomo Mitsui Banking Corporation, and CAF – Development Bank of Latin America and the Caribbean. The inclusion of the two multilateral organizations and the Japanese private bank as shareholders has enhanced FDN’s operational autonomy, technical capacity, and financial strength by incorporating international best practices and a robust corporate governance framework.

Buga-Buenaventura highway. Photo credit: Sacyr website.

In the wake of a recent share repurchase program, Grupo Nutresa S.A. (BVC: NUTRESA; OTC: GCHOY), a Colombian food processing conglomerate, has completed the buyback of 600,000 ordinary shares. The transaction, valued at approximately $78 billion COP, or roughly $19 million USD, was conducted as part of a strategy to generate shareholder value. This initiative was approved during a prior general shareholders’ meeting.

The share repurchase, which was open to shareholders from August 1 through August 5, 2025, has effectively reduced the number of outstanding ordinary shares from 456.6 million to 456.01 million.

This transaction is part of a broader capital allocation strategy by the company, which has invested more than $70.9 billion COP in share repurchases year-to-date. According to market analysts, this action is aligned with the company’s objective to expand its presence across Latin America, a goal advocated by entrepreneur Jaime Gilinski Bacal. Gilinski, who serves as chairman of the board of directors for Grupo Nutresa, has been a central figure in the company’s recent strategic direction.

Grupo Nutresa’s financial performance for the first half of the fiscal year has demonstrated a 14.5% year-over-year increase in sales, reaching a total of $10 trillion COP. Profits for the same period amounted to $712.77 billion COP, representing nearly 95% of the company’s total profits from the previous year. The company has stated its intent to reduce debt and operational costs to further improve its financial position and support future growth initiatives.

Nutresa YouTube ad. Photo credit: Grupo Nutresa/YouTube.

According to the latest Quarterly ICT Bulletin from the Ministry of Information and Communications Technologies (MinTIC), Colombia’s digital landscape expanded in the first quarter of 2025, with significant growth in both mobile and fixed internet access. The report, which covers January through March, provides a detailed overview of the country’s connectivity metrics.

Colombia concluded the quarter with over 49.1 million mobile internet accesses, a figure that covers 92% of the population. The data shows that 4G technology remains the dominant mobile network, accounting for 83% of connections. However, 5G technology experienced notable growth, representing 9.6% of total accesses and adding more than 2.5 million new users over the past year.

The adoption of 5G networks saw a quarter-over-quarter increase of 23.7% between the fourth quarter of 2024 and the first quarter of 2025. This growth is attributed to the expansion of 5G infrastructure and the increasing availability of compatible devices. The report highlights that mobile telephony lines reached 92.5 million, a penetration rate of nearly 174%.

Fixed internet also demonstrated growth, with access reaching 9.34 million. This represents an increase of 235,000 connections compared to the same period in the previous year.

Regionally, Bogotá maintained its position as the area with the highest connectivity penetration, with 29 accesses per 100 inhabitants. Antioquia followed with 24 accesses per 100, and Risaralda with 23. Nationwide, the average download speed increased to 236 megabits per second (Mbps), an increase of 10 Mbps over the last year.

For detailed statistics and information, the full Quarterly ICT Bulletin is available on the ICT Sector Statistics Portal.

Mobile internet access. Photo credit: Claudid from Pixabay.

39 Year Old Miguel Uribe Turbay died at 1:56am local time this morning, two months after he was shot in the head by a 14 year old assassin. The young senator affiliated with the Centro Democrático political party was giving a speech on the west side of Bogotá, not far from the El Dorado International Airport, when a teenager approached him from behind and shot him multiple times.

Throughout the summer, Turbay had been in critical condition, and intensive care at Bogotá’s Fundación Santa Fé Hospital as he underwent various brain and cranial surgeries led by neurosurgeon Dr. Fernando Hakim in an attempt to save his life. Though at the end of July it appeared his condition may be improving, things turned for the worse in early August.

At the age of five, Uribe Turbay (no relation to former president Alvaro Uribe) lost his mother, journalist Diana Turbay, who died while held kidnapped by Pablo Escobar.  Former President Julio César Turbay was his grandfather. Uribe studied law and public policy at University of The Andes in Bogotá and began his political career as a Liberal Party member of the Bogotá City Council at the age of 25.

Former President Álvaro Uribe invited Uribe Turbay to run for senate with his Centro Democrático party. Uribe Turbay won the seat in 2022 with strong support and served as senator until, at Alvaro Uribe’s invitation, announcing his run for the presidency, with elections next year.

Urbe, dead at the hands of a child assassin, lost his mother to Pablo Escobar when himself a child.

The Assassins

So far, several individuals have been detained for allegedly participating in Uribe’s murder:

• The 15-year-old assassin, who is being held in the Attorney General’s headquarters.
• Carlos Eduardo Mora, who drove the teen to where Uribe was speaking.
• Christian González Ardila, the man who was to drive the getaway motorcycle.
• Elder José Arteaga, “El Costeño” the organizer of the assassination.
• Katerine “Gabriela” Martinez, accomplice and lover of El Costeño, provided the handgun to the assassin.
• William González Cruz, “El Viejo”

The current hypothesis put forward by Colombian law enforcement is that Elder José Arteaga, “El Costeño,”was a local small time gang leader unaffiliated with any of the larger mafia groups that plague Colombia, but while serving prison time in Meta, Colombia, he met “Daniel” (nom de guerre), part of the “Teófilo Forero squad of the Segunda Marquetalia, a guerilla mafia made up of former FARC members who rejected the 2016 peace accord signed between the FARC and the government. Accomplice Katerine Martinez was directed to Caquetá after the shooting by José Arteaga, according to her, to seek protection from the Segunda Marquetalia, active in the area. There she was captured by Colombian authorities.

General Carlos Triana Beltrán, director of Colombia’s National Police, said in a press conference last week that they believe Luciano Marín Arango “Ivan Márquez” and “José Aldinever Sierra Sabogal “Zarco Aldinever,” leaders of the Segunda Marquetalia, are the brains behind the assassination and contracted with El Costeño to carry it out.

Unconfirmed reports from last week say that Zarco Aldinever was killed near the Venezuelan border during a battle between the Segunda Marquetalia and rival guerilla mafia, the ELN. Those reports have not been confirmed and could be an attempt to redirect attention, hopefully (by the Segunda Marquetalia) staving off military action by Colombian forces.

Analysis

The Petro administration had already been criticized for refusing to provide the additional security that Uribe Turbay had asked for. The government is responsible for providing security to presidential candidates and other public figures who may be under threat of political violence, such as social activists, witnesses, legislators and local officials.

Uribe Turbay was the leading of five candidates of Alvaro Uribe’s Centro Democrático party and promised loyalty to the party’s godfather. “I aspire to be the best version of Miguel Uribe for Colombia, but of course with the best advisor in Álvaro Uribe,” he told Medellín’s leading daily El Colombiano in April.

With Alvaro Uribe convicted of witness tampering and the current administration of Gustavo Petro facing its own scandals and unpopularity, Colombia is approaching an especially divided election cycle. Hard core “Uribistas” or Uribe Supporters insist he is innocent despite the evidence and an independent judiciary. One does not have to be an Uribe supporter however, to see that current President Gustavo Petro’s promise of “Total Peace” and an end to guerrilla violence has been a complete failure. Groups such as the ELN, Clan del Golfo and Segunda Marquetalia are gaining territory and becoming even more brazen.

Though Uribe Turbay’s death may have a “sympathy vote” effect, Uribistas were already going to vote for the Centro Democrático candidate, and “pura sangre” (pure blood) Petristas, or Petro supporters, never would. When it comes to the largest group of voters with allegiances neither to Uribe or Petro, it is likely that dissatisfaction with Petro’s handling of security along with a distaste for Alvaro Uribe’s criminal record may lead to the emergence of a candidate from one of the right leaning parties outside of the Centro Democrático, such as Cambio Radical.

To be clear, no one serious is blaming President Petro for being involved in the attack. Still, he is blamed not just by Uribistas, but by other opposition figures for his coddling stance towards guerilla groups like the Segunda Marquetalia, for not providing adequate security for opposition candidates, and a worsening security climate where an act like this assassination can take place.

While there is not yet conclusive proof they are the ones who ordered the attack, the motivation for Segunda Marquetalia could be to stop the likely Uribista candidate early in the electoral process, because of their pledge to eliminate the remnants of guerilla groups like the ELN and Segunda Marquetalia.

A family’s pain

Uribe Turbay leaves behind his wife, María Claudia Tarazona. They met when he was 24 years old. She was 10 years older and had three daughters, so at first didn’t take his advances seriously but over time working together, their bonds grew, and they formed a family, having one more son together.

Photo:Instagram account of  Maria Claudia Tarazona