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Colombia's Santos wants reserves up by $13 billion

Monday, July 16, 2012

Colombia's central bank could step up dollar purchases to curb a rally in the local currency and give it "much higher" foreign reserves, said president Juan Manuel Santos.

"The size of our foreign trade has increased, and according to many studies we can have a much higher level of reserves, about $13 billion higher", Santos added.

The president also said the government was not in a hurry to sell a stake in the state-controlled oil company Ecopetrol.

Source: Wall Street Journal