Colombia buys over $1 billion in dollars before election
Updated
Updated · Bloomberg · May 7
Colombia buys over $1 billion in dollars before election
4 articles · Updated · Bloomberg · May 7
Traders said the finance ministry bought the currency in the spot market on Wednesday to prepare repayment of a controversial Swiss franc swap before this month's presidential vote.
Banco de Bogota, BBVA and BTG Pactual estimated purchases exceeded $1 billion, while BTG put total buying for the week at $1.6 billion.
The intervention marks a renewed return to dollar buying by authorities as they seek to settle the swap ahead of the election, a move likely to keep markets focused on Colombia's foreign-exchange operations.
Is Colombia's pre-election debt settlement a savvy financial move or a risky political gamble with its economic future?
How will Colombia's election and bold financial strategy reshape its critical partnership with the United States?
What fiscal crisis awaits Colombia's next president despite the massive debt payoff?