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COLOMBIA: Peso Remains Under Pressure Amidst Oil Price Slump

COLOMBIA
  • The 4.5% fall in the WTI oil price today has weighed further on the Colombian peso, which is now 1.2% weaker against the dollar. USDCOP is currently trading around 4,294, having briefly pierced the 4,300 level for the first time since 10 October’23 earlier, a level some analysts believe should attract tactical USD/COP sellers.
  • Meanwhile, Finance Minister Bonilla has said that the government will send its tax bill to congress today, as it seeks to fill a COP 12tn shortfall in the COP 523tn 2025 budget. As a reminder, a group of lawmakers proposed a COP 12tn cut to the budget last Friday as an alternative, and they remain confident of voting this proposal through this week instead.

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