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BanRep Hasn’t Discussed Extraordinary FX Measures

COLOMBIA
  • Colombia’s central bank has not discussed extraordinary measures to curb the drop in the peso, Governor Leonardo Villar said in an interview with Semana Magazine. (Bloomberg)
    • Trying to fight against the devaluation of the Colombian peso would probably be futile and very costly, Governor Leonardo Villar added.
    • Colombian peso drop is broadly in line with that of peers such as Brazil and Chile, Semana cited Villar as saying.
  • Colombia's president-elect could look to work with the U.S. to more fully implement the Colombia Trade Promotion Agreement’s labor and environmental provisions rather than renegotiate the deal, according to the executive director of the U.S.-Colombia Business Council. (Inside Trade)
    • His comments on CTPA have sparked worry among some U.S. businesses and some angst in the U.S. government. The State Department warned in April -- before the election -- that a new president might seek to renegotiate the deal and “chip away” at the economic relationship with the U.S.
    • But Cesar Vence, executive director of the U.S. Chamber of Commerce’s U.S.-Colombia Business Council, said a focus on the deal’s implementation was more likely. The CTPA went into effect in 2012 and is slated to be fully implemented by 2028.
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