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Colombian peso sinks most in emerging markets

Tuesday, February 4, 2014

Colombia’s peso fell the most in emerging markets after central bank Governor Jose Dario Uribe said a weakening currency is “something we view as positive.”

The peso depreciated 1.5 percent to 2,046.6 per U.S. dollar at the close in Bogota, the lowest level since December 2009.

While the peso’s 4.3 percent monthly drop in January was the steepest since November 2011, Uribe and Finance Minister Mauricio Cardenas have signaled that the currency’s decline is good for the economy.

Source: Bloomberg