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Finance Minister Reiterates FX Intervention Would Not Make Sense

  • Speaking with reporters on Thursday, Finance Minister Jose Antonio Ocampo reiterated that intervention to defend Colombia’s peso “wouldn’t make any sense,” after the currency weakened to a fresh record low.
    • Ocampo told reporters that Chile had burned a lot of reserves trying without success to defend its currency, while Colombia hadn’t spent a single dollar and has achieved similar results.
  • The foreign funds who have poured money into Colombia’s local debt market over the last decade have been net sellers this month, amid market volatility and doubts over the policies of President Gustavo Petro. (BBG)
  • The government will respect already-signed oil contracts, the energy ministry said on Thursday, amid industry jitters over tax reform and plans by the new leftist government to move the country more aggressively toward renewables. (Reuters)

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