Colombia to buy more dollars to slow Peso’s riseSouce:Xinhua Publish By Jane B. Hatcher Updated 23/01/2013 8:15 pm in Business / no comments
BOGOTA, Jan. 22 — President Juan Manuel Santos said Tuesday Colombia will buy more U.S. dollars to slow Peso’s appreciation.
“We will continue this policy,” Santos said at an event in Medellin.
Finance Minister Mauricio Cardenas said recently that the central bank has since October bought some 500 million dollars each month to stabilize the exchange rate.
Cardenas said he was confident the measures adopted by the bank will allow the dollar to rise a little more and to stabilize at 1,800 pesos against one dollar.
The peso’s current rise is temporary, said Cardenas, adding its value will soon return to the average of 1,800 pesos, where it has been for the past six months.