Colombia’s Santos says govt to take peso measures

* Govt under pressure to do more to halt firming peso

* Cenbank board to hold monthly policy meeting on Friday

BOGOTA, Oct 23 (BestGrowthStock) – Colombian President Juan Manuel
Santos said on Saturday that the government would announce
measures in the coming week to help mitigate the impact of the
rising peso currency (COP=RR: ).

Latin America’s No. 4 oil producer has seen its currency
strengthen due to inflows into its mining and energy sectors,
dollar sales to finance government spending and a recovery from
the global financial crisis.

“In the coming week we’re going to take measures that we’ve
studied well … take measures that really have an impact on
this quite complicated situation,” Santos said.

Santos did not give any details.

(For a scenarios on possible intervention measures, click
[ID:nN15183902])

Colombia’s central bank started a dollar purchasing program
in mid-September to try to control the peso’s rise. The
government has also tried to improve business competitiveness
and bring fewer dollars into the nation.

The central bank will hold its monthly monetary policy
meeting on Friday, and analysts said action could be taken then
on the peso.

The country’s government and central bank have been under
pressure from companies and unions to do more to stop the
appreciating peso, which has hurt exporters’ profits.
(Reporting by Luis Jaime Acosta; editing by Jim Marshall)

Colombia’s Santos says govt to take peso measures