Colombia’s central bank purchased $1.24 billion in the first quarter of 2011, Caracol Radio reported Monday.
In an effort to influence the exchange rate, Colombia’s central bank purchased $400 million in January, $399 million in February, and $440 million in March.
Colombia’s purchase of dollars aims to limit the peso’s surge by draining U.S. currency from the market, thereby building up its own reserves and restricting the peso’s growth.
According to the Wall Street Journal, the Central Bank has also committed to buying $20 million per day on the spot market, although the first quarter’s dollar purchases seem to have been insufficient to curb the peso’s recent gains.