Colombia trims foreign debt plan to curb peso

Colombia will scale back its 2013 overseas borrowing plan to reduce its foreign debt and help curb a rally in the peso, Finance Minister Mauricio Cardenas said.

The Andean nation will trim external debt this year by borrowing less in the international market than the amount the country must repay, Cardenas told reporters in Bogota last night. The country won’t prepay its overseas bonds or multilateral loans, he said.

“Colombia plans to cut its overseas debt this year by having less issuance, fewer external credits, while sticking to planned amortizations,” Cardenas said.

Source: Bloomberg