Colombia’s peso changes course again, drops to 1,901 against dollar
Colombias peso changes course again, drops to 1,901 against dollar
posted by Adriaan Alsema
Aug 16, 2013
Colombias peso changed course again on Friday, weakening to 1,901.3 to the dollar on after a surprise rally to a 2-month low of 1,872.91 last week.
Colombias central bankers, Finance Minister Mauricio Cardenas and President Juan Manuel Santos have become obsessed with keeping the peso weak in the face of a flood of foreign investment, a shrinking manufacturing export sector and a moribund agriculture industry.
The Colombian government has promised to help pull manufacturing industries back into vitality. Right now, companies like automobile manufacturer Chevrolet are seeing sales fall. An erosion in industrials is one reason why the fall down to a 2-month low stoked some worry among Colombias officials and analysts.
I was not expecting it, Foreign Exchange Analyst Andres Fletcher at Bogota-based brokerage Ultrabursatiles told Colombia Reports.
More:http://colombiareports.com/colombias-peso-changes-course-again-drops-to-1901-against-dollar/