Colombia Peso Leads Drops as Cardenas Vows Current-Account Fight
- Crude oil resumes declines, signaling wider trade deficit
- Cardenas says spending cuts, interest-rate hikes are options
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Colombia’s peso tumbled the most among major currencies on Monday as the nation’s finance minister said the rout in oil prices means new steps must be taken to control the current account deficit.
The currency weakened 2.6 percent to 3,398 per dollar in Bogota, making it the worst performer among 31 most-traded currencies tracked by Bloomberg. The peso has tumbled 30 percent in the past year and reached a record low of 3,406.5 last week.