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Colombia’s Agriculture Minister Juan Camilo Restrepo Salazar called the central bank’s decision to raise interest rates by a quarter point to 5% “lamentable”.
In a press release Restrepo said, “I deplore this [interest raise], as it will attract more foreign capital, more US dollars, and the Colombian peso will appreciate.”
The minister said he understood the central bank’s wish to increase its foreign currency reserves by attracting outside investment, but he said agriculture would suffer the worst from a rising peso.
“Obviously the sectors most affected will be those whose products are traded internationally but aren’t experiencing the boom of mining and oil.” said Restrepo.
