PIPS
PIPS
Colombian Devaluation
Colombia became the latest in a growing list of Latin American countries to devalue its currency last week. The central bank in Bogota altered its crawling peg exchange rate regime to allow a 20 per cent daily fluctuation in the value of the Colombian peso against the US dollar. The decision was made to fend off speculative attacks and resulted immediately in a 3 per cent fall in the currency. However the central bank, which has $8.8 billion in reserves to defend the peso
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