Colombia’s coffee growers request help to face rising peso

Colombia’s National Federation of Coffee Growers asks Colombia’s central bank for help stabilizing coffee prices in the face of a strengthened peso, said Radio Caracol Monday.

National Federation of Coffee Growers Director Luis Genaro Muñoz asked Banco de la Republica to increase its federal reserve, tighten its liquid capital policies, and do whatever else it could to combat a rising Colombian peso.

Muñoz said the rising peso, “has cost the coffee sector [$38] per load, which is 10% of our price.” Export prices have also been driven up by low coffee yields caused by bad weather.

Last January the National Coffee Growers Federation said coffee production had fallen by 41%.

The peso has continued to rise despite the central bank’s repeated interest rate hikes and currency purchasing program of 20 million US dollars daily.

Related posts

Colombia’s Senate agrees to begin decentralizing government

Colombia’s truckers agree to lift blockades after deal with government

Truckers shut down parts of Colombia over fuel price hikes