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COLOMBIA: BanRep to Suspend Accumulation of FX Reserves Amid COP Weakness

COLOMBIA
BulletEM BulletEmerging Market News
  • "*COLOMBIA CENBANK TO SUSPEND ACCUMULATION OF FX RESERVES: VILLAR" (BBG)
  • For reference, back in December 2023, in order to maintain adequate external liquidity buffers and to anticipate a gradual reduction in the amount of access to the Flexible Credit Line (FCL) provided by the IMF to Colombia, the Board of Directors decided to start a program to accumulate gradually foreign reserves for up to USD 1.5 billion.
  • We await details on when exactly the program will be suspended. The instrument that had been used to acquire foreign reserves was put options worth up to USD 200 million in a monthly basis.
  • While there was never supposed to be any impact on the currency, the recent significant weakness for the peso may have factored into this new announcement.
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  • "*COLOMBIA CENBANK TO SUSPEND ACCUMULATION OF FX RESERVES: VILLAR" (BBG)
  • For reference, back in December 2023, in order to maintain adequate external liquidity buffers and to anticipate a gradual reduction in the amount of access to the Flexible Credit Line (FCL) provided by the IMF to Colombia, the Board of Directors decided to start a program to accumulate gradually foreign reserves for up to USD 1.5 billion.
  • We await details on when exactly the program will be suspended. The instrument that had been used to acquire foreign reserves was put options worth up to USD 200 million in a monthly basis.
  • While there was never supposed to be any impact on the currency, the recent significant weakness for the peso may have factored into this new announcement.