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Colombian minister reckons peso wil soon weaken

Thursday, January 17, 2013

Colombian Finance Minister Mauricio Cardenas said he expects the peso will soon weaken to 1,800 per U.S. dollar as he sees no reason for the currency to have appreciated so much over the past month.

“I think the dollar is going to go back to 1,800 pesos very soon,” Cardenas said in an interview at his office in Bogota last night. “I honestly don’t think that this economy is any different today than it was three months ago.”

Cardenas said he would like to see the central bank step up dollar purchases after it bought a record $4.8 billion last year. The seven- ember policy board which he presides will discuss potential measures to weaken the currency at its meeting January 28, he said.

Source: Bloomberg