Peace talks with Colombia’s EMC guerrillas to begin...
Human rights prosecutors attacked in northern Colombia
Colombia’s judicial branch thrown offline in major cyber...
7 years into peace process, Colombia has strategy...
Colombia’s estimated cocaine production reaches new record high
Colombia’s president wants end to sanctions on Venezuela
Colombia’s ranchers federation threatens to mobilize over land...
Court orders arrest of Colombia’s former Congress president
Colombia’s intelligence agency assassinated presidential candidate: prosecution
Colombia’s former army chief indicted for 130 extrajudicial...
  • About
  • Support
  • Newsletter
  • Contact
Colombia News | Colombia Reports
  • News
    • General
    • Analysis
    • War and peace
    • Elections
    • Economy
    • Culture
    • Sports
    • Science and Tech
  • Travel
    • General
    • Bogota
    • Medellin
    • Cali
    • Cartagena
    • Antioquia
    • Caribbean
    • Pacific
    • Coffee region
    • Amazon
    • Southwest Colombia
    • Northeast Colombia
    • Central Colombia
  • Data
    • Economy
    • Crime and security
    • War and peace
    • Development
    • Cities
    • Regions
    • Provinces
  • Profiles
    • Organized crime
    • Politics
    • Armed conflict
    • Economy
    • Sports
  • Lite
  • Opinion
Economy

Colombia’s central bank says it will not intervene as peso weakens

by Megan Janetsky September 4, 2018
3.3K

Colombia’s central bank has ruled out the prospect of it making any intervention if the peso continues to weaken, reported Reuters on Tuesday.

Juan Jose Echavarria, governor of Colombia’s central bank, said if the peso deprecates by even 10 to 15 percent, the bank wont intervene.

As the dollar has strengthened with the help of the United States Federal Reserve, the Colombian peso was among a handful of emerging currencies that have taken a hit, though currencies in Mexico, Argentina, Turkey and South Africa felt a much sharper drop.


Colombia peso boosted by weak dollar and rising oil prices


Near the end of December and into January, the peso was at a steady increase, partly because Colombia’s primary export, oil, increased in price.

In the period of a month, the U.S. dollar lost more than 5% of its value against Colombia’s peso.

But anxieties about the currency have been renewed in recent months as the dollar has strengthened, oil prices have dipped globally and fears have emerged about Turkey’s Lira crisis dragging down emerging currencies like Colombia’s.

But Echavarria Tuesday said, despite the devaluation, he does not envision raising interest rates this year or the next.

“Even if we have a devaluation of 10 or 15 percent,” he told Reuters. “10 percent (devaluation) is no problem at all.”

Central Bank of ColombiaColombian pesocurrency

Contribute

Trending

  • Colombia’s judicial branch thrown offline in major cyber attack

  • Human rights prosecutors attacked in northern Colombia

  • Peace talks with Colombia’s EMC guerrillas to begin in October

For patrons

Downloads for patrons

Related articles

  • Colombia’s peso could end up losing 25% against US dollar in 2022

  • Colombia’s central bank says economy ‘can take impact’ after peso takes nosedive

  • Colombia’s peso sinks to record low amid unrest and economic uncertainty

  • Twitter
  • Email
  • Rss

@2008-2019 - Colombia Reports. All Rights Reserved.
Powered by Digitale Zaken and Parrolabs


Back To Top
Colombia News | Colombia Reports
  • News
    • General
    • Analysis
    • War and peace
    • Elections
    • Economy
    • Culture
    • Sports
    • Science and Tech
  • Travel
    • General
    • Bogota
    • Medellin
    • Cali
    • Cartagena
    • Antioquia
    • Caribbean
    • Pacific
    • Coffee region
    • Amazon
    • Southwest Colombia
    • Northeast Colombia
    • Central Colombia
  • Data
    • Economy
    • Crime and security
    • War and peace
    • Development
    • Cities
    • Regions
    • Provinces
  • Profiles
    • Organized crime
    • Politics
    • Armed conflict
    • Economy
    • Sports
  • Lite
  • Opinion