Glossary: colon
DEFINITION:
El Salvador’s monetary unit, divided into 100 centavos. The colon was pegged by the government at US$1=C2.50 until November 1986, when it was officially devalued to US$1=C5 as part of an overall economic austerity package. As of late 1988, there was no parallel exchange market, but dollars could be traded at a higher rate on the black market.