Colombian Central Bank Sees Weaker Peso Sooner Rather Than Later

Colombia’s central bank says the conditions are in place for the peso to reverse its recent rally “sooner rather than later,” Governor Jose Dario Uribe said.

“The basic conditions of our economy point to a peso that is more devalued compared to the dollar than it is now,” Uribe said today at a press conference in Bogota. “I believe that at some point, I expect sooner rather than later, it will react in the opposite direction.”