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Colombia’s Finance Ministry and Central Bank are considering measures to lower the price of the peso against the dollar, Finance Minister Juan Carlos Echeverry said Wednesday.
“We are monitoring the [USD vs. COP] rate several times a day. We are ready to take action if necessary,” Echeverry said.
According to the minister, the government and the Central Bank are considering several possible measures that include a surprise intervention by the Central Bank, reviewing trade tariffs, and tax breaks for export companies.
The peso rose more than 11% against the dollar so far this year, putting pressure on the country’s export industry.
