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Colombian Peso Strengthens on Foreign Investment Outlook

Jan. 4 (Bloomberg) -- Colombia’s peso fell, extending its first weekly drop since November, on speculation policy makers will lower borrowing costs further to boost a slowing economy.

The peso depreciated 0.3 percent to 1,768.45 per U.S. dollar at 12:02 p.m. in Bogota, extending its drop since Dec. 28 to 0.4 percent. That is the first weekly decline since the period ended Nov. 16.

Central bank minutes released today indicated the board was split three ways when it surprised analysts by lowering the benchmark interest rate by a quarter-percentage point on Dec. 21 to 4.25 percent. More than one policy maker voted for a 50 basis point cut and one opted for no change, the minutes showed.

The yield on the government’s 10 percent peso-denominated debt due in July 2024 rose one basis point, or 0.01 percentage point, to 5.67 percent, according to the central bank.

To contact the reporter on this story: Andrea Jaramillo in Bogota at ajaramillo1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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