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Santos says central bank should stop buying dollars

Tuesday, September 17, 2013

Colombia’s central bank should stop its program of daily dollar purchases at the end of this month as the peso weakens toward a level the Andean nation “can live with,” President Juan Manuel Santos said.

“If I were a member of the central bank I wouldn’t renew the daily program of dollar purchases that ends this month," he added.

The central bank in May extended its daily program of dollar purchases until the end of September in an effort to weaken the exchange rate that the government said was damaging exporters.

Source: Bloomberg