What the TRM is and how it is calculated
The Tasa Representativa del Mercado is Colombia’s official dollar reference rate. We explain who calculates it, which trades it uses and why it changes every day.
When someone asks “what’s the dollar at today?”, the answer is almost always the TRM. But the TRM is not the price you pay for dollars at an exchange house: it is an official reference with its own rules.
What the TRM is
The Tasa Representativa del Mercado (TRM) is the number of Colombian pesos paid, on average, for one US dollar in the foreign exchange market. It is the figure used as the official reference in the country.
Who calculates it and when it is published
It is calculated and certified by the Financial Superintendence of Colombia. It is published in the afternoon of each business day and applies to the next business day. The TRM published on Friday applies to Saturday, Sunday and Monday.
How it is calculated
The TRM is based on the dollar buy and sell trades carried out by foreign exchange market intermediaries—mainly banks—in the spot market during the session. It is a weighted average: larger trades carry more weight in the result.
That is why tomorrow’s TRM is shaped by what happens in today’s spot market.
On our TRM analysis page you can see how the dollar moved during the session behind the current rate.
Why it differs from exchange house prices
Exchange houses buy below and sell above the TRM to cover their costs and margin. The difference depends on the city, the amount and whether the transaction is in cash.
What it is used for
- As a reference in contracts and invoices in dollars.
- In company accounting and some tax returns.
- In foreign trade transactions.
- To compare, day by day, how the peso moves against the dollar.
How to check it
On the SPARTANFX home page we publish the current TRM as soon as it is certified, with its change and the history since 1991.