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Economy

Colombian peso falls after 8-month high

by Leo Palmer July 7, 2010

Colombia news - peso

The Colombian peso fell on Tuesday after an eight month high following a fall in the price of oil, the country’s biggest export.

The peso fell 0.3% to 1,893.10 per U.S. dollar, following a drop in oil by as much as 1.5%, Bloomberg reports.

The yield on Colombia’s benchmark 11% bonds due July 2020 also rose two basis points to 7.77% and the bond’s price dropped 0.2 centavos to 121.929 centavos per peso.

Following President-elect Juan Manuel Santos‘ decision not to sell a stake of power company Isagen SA, Colombia will sell an additional $1 billion to cover the estimated $1.6 billion loss, which Finance Minister Oscar Ivan Zuluaga said was needed for governent spending in the final quarter of 2010.

Of the extra $1 billion, $500 million will be in overseas bonds and $500 million from multilateral lenders. The government will also auction COP2 trillion more of local debt this year to help cover the gap from not selling its stake in Isagen.

bondsColombia pesodebtIsagenJuan Manuel SantosoilOscar Ivan Zuluaga

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