Colombia to cut back international debt issuance
The Colombian government is reducing its external financing needs for 2013 by $1bn in an attempt to control the Colombian peso’s rally against the dollar. This will oblige the government to buy US dollars in order to meet payments on international debt, according to the ministry of finance.
We are continuing to reinforce all measures to seek a more competitive exchange rate, said Mauricio Cárdenas, minister of finance and public credit on Wednesday.
Banco de la República, Colombias central bank, recently increased the amount of dollars it was buying from $500m to $750m per month.
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