Mauricio Cardenas News
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Colombia’s economy will be best served by ensuring that inflation converges to target, which policy makers anticipate may occur next year, central bank co-director Adolfo Meisel said.
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Colombia kept borrowing costs unchanged for the first time in six months as policy makers seek to evaluate the combined effects of Latin America’s lowest interest rate and the government’s fiscal stimulus.
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Colombia’s peso rose the most in a week on speculation overseas investors will increase demand for the country’s financial assets after Standard & Poor’s upgraded its foreign debt rating.
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Colombia’s foreign debt rating was raised to the second-lowest investment grade by Standard & Poor’s as economic growth increased tax revenue and peace talks with rebels boosted investor confidence.
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The Colombian government drew the nation’s pension funds into its fight to weaken the peso, as it tries to revive the nation’s manufacturing and agricultural sectors.
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Bancolombia SA, Colombia’s largest bank, may report a decline in first-quarter net income amid rising loan delinquencies, according to Banco Santander SA.
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Colombia’s economy can grow at its full potential with the central bank’s policy rate at its current level, Finance Minister Mauricio Cardenas said.
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Colombia’s surprise half point interest rate reduction in March may bring to an end a cutting cycle that began in July, Finance Minister Mauricio Cardenas said.
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Colombian policy makers’ half-point interest rate cut last month should enable the economy to recover its maximum sustainable growth rate of 4.8 percent per year, Finance Minister Mauricio Cardenas said.
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Colombia’s central bank will weigh the impact of the government’s $2.7 billion stimulus plan announced this week as it decides on whether the economy needs more stimulus, central bank Governor Jose Dario Uribe said.
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