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Colombia’s central bank announced that it projects $200 million worth of losses in 2011, despite netting $188 million so far this year, El Espectador reported Friday.
The bank noted that the expected losses were due to lower income from international sources. Reserves from international sources are expected to drop due to currency valuation. International funds are valued using the average ratios between the dollar and the euro between January and July. The current ratio is higher than that average.
Expenditures are also expected to increase $78 million in the next half of 2011 due to significant cash withdrawals.
