The Colombian peso fell to a three week low Tuesday as European Union debt concerns made currency investors leave emerging markets.
The peso traded for 1,802.77 per dollar on Tuesday, reported the U.S. television network Bloomberg.
William Florez, a finance expert speaking to Bloomberg, told the network that investors had “been seeking refuge in U.S. Treasuries,” while dropping high-yield and high-risk currencies like the Colombian Peso.
According to Bloomberg, a recent drop in oil prices was another contributing factor to the peso’s decline.
Colombia has previously been said to be “less successful at curbing currency gains than other countries” in South America, according to Bloomberg.
Colombian finance minister Juan Carlos Echeverry had previously said that the country needed “more aggressive” actions against currency gains.
Colombia has taken several measures to curb a peso, including buying bonds in U.S. dollars.
Bloomberg said that it was unlikely that the Colombia’s Central Bank would take further action after the peso’s decline of the past three weeks.