Colombia Finance Minister bets on peso arriving at 2,000 to US dollar

Posted on Jan 22 2014 - 7:48pm by Editor
Mauricio Cárdenas

Colombia’s Finance Minister told local media Caracol Radio Wednesday that the peso is expected to weaken to $2,000 COP to $1 USD at any time.

“It seems to me that it will meet that rate in a matter of hours or days,” said Finance Minister Mauricio Cardenas.

He indicated it would be a beneficial development and that the government should be calm about the drop, which he believes will help the coffee growers, farmers, and businesses who have suffered losses due to a relatively strong peso as of late.

A weakening peso would “come as a breath of fresh air to Colombia’s economy,” said Cardenas.

President of Agricultural Society Rafael Mejia welcomed the Fniance Minister’s statement, saying that ideally the peso would be maintained above the 2,000 mark in relation to the dollar.

The peso is sitting at $1,988 COP to $1 USD as of Wednesday afternoon.

Sources

 

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