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Colombia finance minister thinks dollar ‘soon’ to hit 2000-peso mark

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Colombia’s finance minister on Wednesday said he expects the US dollar to hit the 2,000 peso mark “soon” after a year-long slide during which the currency lost nearly 12% of value against the dollar.

“I get the impression [the dollar] will reach [the 2,000 peso] very soon. It’s a matter of hours of days,” Finance Minister Mauricio Cardenas was quoted as saying by Caracol Radio while on a visit to Spain.

The minister stressed the ongoing devaluation of Colombia’s currency is good news for exporters, particularly in agricultural sectors that have long suffered the consequences of an appreciating peso.

For years, analysts feared the possibility the Colombian currency could start suffering “Dutch Disease” as exports of fossil fuels like oil and coal were causing an influx of dollars that upped the price of iconic export products like flowers and coffee.

For these and other sectors, the current devaluation “is a breathe of fresh air,” said Cardenas.

The last time the dollar stood above the 2,000 peso mark was in December 2009.

Sources

The post Colombia finance minister thinks dollar ‘soon’ to hit 2000-peso mark appeared first on Colombia News | Colombia Reports.

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"Rico" is the crazy mind behind the Q media websites, a series of onlinemagazines that includes TodayColombia.com. Rico brings his special kind of savvy to online marketing. His websites are engaging, provocative, informative and sometimes off the wall, where you either like or you leave it. The same goes for him, like him or leave him.There is no middle ground. No compromises, only a passion to present reality as he sees it!