Colombian exporters want the country’s Central Bank to massively buy
dollars as the seemingly unstoppable fall of the U.S. currency is
hurting exports.
On Thursday, one dollar was worth 1950 pesos, having lost 25 percent of its value since the beginning of March when it peaked at COP2,600.
The director of Colombia’s association of brokers, Julian Cardenas, told Caracol Radio that he does not rule out the dollar sinking to COP1,930, but warned that swings in the currency markets may continue for a long time due to the global financial crisis.
Roberto Hoyos, president of Colombia’s association of banana exporters, does not want to wait for an eventual devaluation of the peso and wants the country’s Central Bank to massively buy dollars in order to devaluate the peso and keep the dollar around COP2,000.
Hoyos also asked the government to provide U.S.-dependent exporters with credit assistance in order to prevent job losses.