The Colombian government does not plan to intervene in the currency
market, Finance Minister Oscar Ivan Zuluaga Tuesday told reporters Tuesday.
The peso weakened 2.8% since last Wednesday to 2,045.5 Colombian pesos to the dollar.
“A bigger depreciation of our peso means more competitiveness gains
for our exporters to reach other markets,” Zuluaga told reporters.
He said the currency in Colombia floats and responds to market flows.
The Colombian peso has appreciated 10% so far this year, though it is 19% weaker than in June 2008. (Dow Jones)