April 22, 2014 / 12:40 PM / 4 years ago

Colombia speeds up dollar purchases with stronger peso

BOGOTA, April 22 (Reuters) - Colombia’s central bank is nearly doubling the pace of its dollar purchases, Finance Minister Mauricio Cardenas said late on Monday, after the peso strengthened sharply in the last month due to a surge in foreign investment into its financial markets.

Cardenas said the total $1 billion dollars the central bank previously announced it would buy between April and the end of June was unchanged nonetheless, meaning dollar purchases would likely slow down again before the end of that period.

The central bank has been buying around $10 million a day on average but that would be increased by around 80 percent, he told reporters. Data on the central bank’s web site showed $19 million was purchased on Monday.

Colombia’s peso is currently trading around 1,918 to the dollar, down from around 2,040 one month ago. (Reporting by Carlos Vargas and Nelson Bocanegra; Writing by Peter Murphy; Editing by Chizu Nomiyama)

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