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Colombian peso is mother of all problems: minister

Thursday, April 4, 2013

Colombia's Finance Minister Mauricio Cárdenas identified the strong currency as the "mother of all problems" in the economy, continuing his verbal intervention aimed at weakening the peso that has hurt the country's manufacturers and exporters.

"The exchange rate has generated competitive difficulties in all tradable sectors," he said.

The minister's efforts, along with those of the central bank, have curbed the rise in the currency, which began in 2009, bringing the peso down 2.8 percent against the US dollar so far this year.

Source: Reuters