Central bank buys $20M on spot market at COP1,798

Colombia’s Central Bank intervened in the foreign exchange market Monday to purchase $20 million at 1,798 Colombian pesos per U.S. dollar.

The central bank started purchasing dollars last Wednesday, intervening to curb the peso’s appreciation and build up international reserves. The bank said it will buy at least $20 million a day for at least four months. Finance Minister Juan Carlos Echeverry Friday said the bank could buy much more than $20 million per day.

The Colombian peso has been appreciating about 13% so far this year.

On Monday, the peso ended unchanged at COP1,799.80 per dollar.  (Inti Landauro / Dow Jones Newswires)