Colombia ends 2011 with international reserves up 14% on 2010

Colombia ends the year with a record $32.4 billion in international reserves, an increase of 14% on the 2010 amount, newspaper El Espectador reported Friday.

Colombia central bank announced the record figure and added that in 2010 it registered international reserves of $28.5 billion.

The international reserves are to act as one of the cushions to soften the blows the international financial crisis will deal emerging economies in 2012.

A central bank report about balance of payments from January to September 2011, shows that transactions amounted to $3.87 billion

In a report to the Colombia Congress in July this year, the central bank explained that the profitability of the reserves has benefited from the appreciation of the euro and the yen compared to the dollar from the start of the year until June, and the increase in the price of gold.

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