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Economy & Business - February 2007
COLOMBIA: Bit of a muddle
The central bank is pursuing contradictory policies. On the one hand it is raising interest rates to bring inflation under control. The prospect of higher rates draws in hot money pushing up the peso against the dollar. This prompts the central bank to intervene in the foreign exchange market buying dollars to prevent the peso from making Colombian exports uncompetitive. The problem with this is that it is paying for the dollars with pesos and thus inflating the money supply, and so adding inflationary tinder to the economy.
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