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Colombia bank sees 'objective reasons' for peso slide

Thursday, April 18, 2013

Colombia's central bank chief said there are "objective reasons" why the country's peso currency should ease against the US dollar, while the government said it is considering more measures to weaken the peso.

The firmer peso is cutting into the revenues of exporters and causing problems for manufacturers who struggle to compete with cheaper imports.

"There are objective reasons that lead one to think that the Colombian peso should devaluate and hopefully it will continue the (downward) trend that it has shown in the past two months," José Dario Uribe, the central bank head, told a local radio station.

Source: Reuters