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Salaries set in foreign currency must be paid at the representative market rate or a fixed rate set in the contract

The Ministy of Labor issued an opinion regarding salaries set in foreing currency. The opinion explains that in labor contracts stipulating the salary in a foreing currency is valid. However, due to the general rule that states that transactions in foreign currency which are not exchange operations must be paid in Colombian legal tender, salaries set in foreing currency must be payed in Colombian pesos. As such, the parties may use the representative market rate at the day of payment or a fixed rate set in the labor contract, provided the fixed rate is not set below the representative market rate.