COP at Market’s Mercy

COP at Market’s Mercy

Colombia

The Colombian authorities have exhausted all their resources for keeping the country’s currency from devaluating further, say local analysts. “They’ve done what they can do. Now it’s out of their hands,” says Francisco Chavez, an analyst at Colombian broker Corredores Associados. Last week, Banrep lifted capital restrictions on investments in TES bonds and other local fixed income instruments in an effort to increase the bid for the COP, which has depreciated 25% since August 1. Also last week i

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