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Minister supports central bank dollar purchasing

Wednesday, August 21, 2013

Colombia's Finance Minister Mauricio Cardenas said that under current economic conditions he would like to see the central bank maintain efforts to stem gains in the currency and extend its dollar purchasing program beyond September.

Cardenas also said that the 3.2 percent benchmark interest rate is the "correct level" for current circumstances.

The monetary authority has bought millions of dollars daily on the spot market for months in a bid to weaken the peso and ease problems for sectors like manufacturing.

Source: Reuters