Colombia’s Finance Minister Juan Carlos Echeverry reiterated that the central bank should increase its daily dollar purchases in the spot market, the Wall Street Journal said, citing an interview with Echeverry.
Echeverry expects the peso to trade in a range of 1,750 to 1,950 per U.S. dollar in the coming months, the newspaper said on its website today. Such levels would be reasonable for the peso, even though the government is “not entirely happy” with the lower end of the range, the Wall Street Journal cited the finance minister as saying.
Echeverry said Colombia is ready to employ countercyclical policies, such as an increase in public spending, to offset any slowdown in the economy, the according to newspaper.
Colombia’s Finance Ministry did not immediately return a call requesting comment.
To contact the reporter on this story: Matthew Bristow in Bogota at firstname.lastname@example.org.