Published On: Wed, Jan 22nd, 2014

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

2000_pesos

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.


For website development, online marketing and promotion,
check out The Q Media


If you enjoyed this piece, please SHARE IT so other readers can find it and enjoy it.

Recent Posts

TCO bottom

June 28, 2016, Comments Off on TCO bottom

TCO Bottom2

June 28, 2016, Comments Off on TCO Bottom2

TCO Sidebar

June 28, 2016, Comments Off on TCO Sidebar
europe_flag

Colombia peso gains, stocks drop amid Brexit market scare

June 24, 2016, Comments Off on Colombia peso gains, stocks drop amid Brexit market scare
john_kerry

US celebrates ceasefire in Colombia

June 24, 2016, Comments Off on US celebrates ceasefire in Colombia
uber_large

Colombia begins clamping down on Uber; 1200 vehicles seized

June 23, 2016, Comments Off on Colombia begins clamping down on Uber; 1200 vehicles seized
displaced3

Colombia has more internally displaced persons than Syria

June 20, 2016, Comments Off on Colombia has more internally displaced persons than Syria
guarne_killer

Authorities arrests man who admittedly murdered more than 20 outside Medellin

June 19, 2016, Comments Off on Authorities arrests man who admittedly murdered more than 20 outside Medellin
Party in Colombia