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Colombia needs more currency action, says minister

Wednesday, June 13, 2012

Colombia should learn from its neighbors and take “more aggressive” action to stem the world’s biggest currency rally, as trading partners seek to gain a competitive edge by weakening their exchange rates, Finance Minister Juan Carlos Echeverry said.

Colombia has been less successful than other countries in the region at curbing currency gains, Echeverry told lawmakers.

Their experience shows that more central bank intervention in currency markets is compatible with low and stable inflation, he said.

Source: Bloomberg