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Colombian Finance Minister Oscar Ivan Zuluaga said Wednesday that the government didn’t consider imposing capital controls amid an economic slowdown to halt gains in the domestic currency.
“We never considered putting controls on capital,” Zuluaga told reporters. “We never even discussed it,” he said.
The Colombian peso has strengthened this year against the dollar, adding to the pressure on exporters who are already struggling amid an economic decline this year.
The Andean nation’s economy slipped 0.2% in the third quarter from the same period last year.
