Colombia’s Political Scandal Stokes Market-Beating Peso Rally
- President’s former campaign chief threatens to reveal secrets
- Scandal is set to stall debate over Petro’s reform agenda
A vendor counts Colombian pesos.
Photographer: Joaquin Sarmiento/AFP/Getty ImagesThis article is for subscribers only.
It says something about the popularity of Colombia’s government that a political scandal which threatens to undermine the president sends the currency to a 10-month high.
The peso leaped as much as 1.6% Monday, the biggest gain among major emerging-market currencies, pushing it to the highest since August as the leftist president struggles to contain the fallout from the latest events. The currency is now the best performing among developing nations this year.