why does colombia use the colombian peso?
471826
Because they need some currency, as the US has the dollar Colombians use pesos. They pesos was introduced in 1837. Besides the devaluation some of the reasons why the exchange rates pesos/dollar is so high is because the currency is old compared to other countries in latin America. i.e mexican peso, argentinian peso..
863152
As of today, according to Google Current converter, the rate is:\n\n1 Philippine peso = 0.0201288245 U.S. dollars\nConversely,\n1 U.S. dollar = 49.68 Philippine peso\n\nThe exchange rate between the Peso and the USD has the history as given by the graph on this page:\nhttp://quote.yahoo.com/m5?a=1&s=PHP&t=USD&c=0
977859
because that was the first form of currency prior to actual "dollars"
819171
Hey! Not only the FED (The Central Bank of the United States) uses its primary rate (a reference rate to the market), but currently, most of the countries in the world utilizes the same system. It's called "inflation target" and its done through the teories of monetary policy. \nThe way it works its pretty simple: the Congress (usually) establishes the inflation target (let's say 3% per year) and the FED focus on it in order to meet the number.\nHow does it impact in your life and in inflation? When the interest rate (primary rate) goes up, the "cost of money" increases, reducing the availability of currency in the nation. Less money, less expenses; less expenses, less demand, less demand leads to low inflation, due to the fact that companies will have to compete in a market with less impulse to consume.\nAt last, but not least: combating inflation is a very important government role. As a guy from Brazil - and my country used to have a 50%+ inflation rate PER MONTH - I can tell you that what inflation does it is pretty nasty: captures the income of the poor and the lower middle class.\nIn Economics inflation is also called  "the taxation of the poor", because it takes the money of low income families before they even can spend it.\nHope it has helped you somehow!
530198
No, it doesn't. On the contrary, the more dollars that come in the country, the better for maintaining the exchange rate low. It is now at 11.68 pesos per dollar. The high prices for goods is because most goods involving technology are imported. Remember an abundance of supply lowers prices.
469460
You use a color printer and color copier and then you go to a foriegn country and find some hapless victem (because they are unlikely to know what the real currency looks like)to exchange your fake money with real money.  Then you go to the bank and exchange the money you have with the money you want.  For instance, you don't want to counterfiet dollars. You want to counterfiet yens, yauns and pesos for example.
29320
One of the essential thing in the economy of any country is related to the amount of foreign currency inthe countries.\nfor philippine case , they high number of worker in teh overseas that translate they salary and wages each month to phillipines increase automaticly the foreigne currencies in the country than they support the economical position of phillipine
387473
because when you increase the supply of the currency then you could cause a surplus in relation to the demand.  That could cause the value of the currency to drop.\n\nThink of it in terms of diamonds...if there were enough diamonds to go around so everyone would have ten of them, why would anyone pay so much for one?
729683
Started long before Colombia was the Cocaine Capital.  La Violencia started back in the '40s, when the two main political parties, Liberals and Conservatives basically started a civil war, killing 150,000 to 300,000 people in the process.  From that you get the FARC (pseudo-Marxist guerrillas) who now hold the record as the most prolific users of landmines.  They, in turn, help spawn paramilitaries like the AUC (which claim to be "self-defense" groups).  Others like M-19 and ELN were/are more ideological leftist groups.  Add to that the explosion of drug production and the violent drug cartels that comes with it, and the subsequent collusion/collaboration between drug cartels and illegal armed groups to the point that today they are one and the same.  Throw the US's Plan Colombia into the mix just to spice things up.  \n\nThat's one part, and what lots of people consider to be the main part of the problems.  But the violence masks the other problems.  Colombia has one of the highest levels of income disparity in the world (very rich rich and very poor poor).  Millions are displaced by the violence and take up residence in slums.   Large companies (many foreign owned) assassinate union leaders under the guise of the war, but really they are completely separate.  Impunity for crimes committed is rampant.  Corruption is worse.  Drugs are one of the major contributors to GDP.  It goes on and on.
468903
where you echange different types of currency
1135213
1 U.S. dollar = 11.4175062 Mexican peso.\n\nNext time, just type "1 USD in pesos" in Google.
64606
It probably just made more sense to describe the amount and then the currency.  I see some written descriptions outside the US use the currency symbol afterward, like 637$.  Maybe we should all start doing it...:-)
667623
You are correct.  It is a sense of sovereignty that is very engraved in the Mexican culture.  It is a way of being patriot (or so the Mexican stablishment wants you to believe).\nAs a result, PEMEX is the most inneficient Oil Company in the world, operating with a deficit every year while Mexican drivers pay dearly at the pump.\nAnother reason is that private enterprise does not do a lot better in serving the interest of the public as they are monopolies such as Telmex and Televisa.
574143
They use euros now. It would be worth about a dollar.
549594
I think you are misspelling it, and it's not in Colombia...it's an island in the Carribean. They had a nasty volcanic eruption there about ten years ago, buried almost half the island.
910693
According to a book I have, the term comes from Spanish money.  Our money is the dollar much like the Spanish use.  Spain and Mexico share that.  The 12 and 1/2 cent thing mentioned by the other answerer matches pretty closely what my book says.  The only difference is the nation of origin.\nThe guy referring to numerical bases should pay attention to the context of the question.  He's right about the number's history, but it's a completely different question/answer.
1018681
Currency was used as far back as 2000 BC, probably by the Egyptians or others in the Fertile Crescent.  They used grain to keep track of things.\n\nIn Europe, paper money wasn't used until about 1661 in Sweden.  Before that, people kept track of money using metal coins, such as gold and silver.