Colombia’s Central Bank reported that on September 23, Colombia’s net international reserves surpassed $32 billion, raising hopes that the aftershocks of the 2008 global financial crisis will not cause a recession.
The figure of $32.4 billion is significantly higher than the last figure released in December 2010, which calculated $3.9 billion in international reserves, according to newspaper El Espectador.
Last week, at a meeting of the Board of the Central Bank, the governing body decided to stop the daily purchase of international reserves, as they had been doing, so that they could affect the behavior of the peso-dollar exchange rate and accumulate more reserves.
“Given the recent behavior of the exchange market and increased international economy uncertainty, the Board did not renew the program for the daily purchase of international reserves,” said the statement released at the end of the meeting.