Colombia finance minister opens door to international financing

BOGOTA, Nov 17 (Reuters) – Colombia Finance Minister Jose Antonio Ocampo on Thursday opened the door to potential financing in worldwide markets for the Andean nation, if the current pattern in falling borrowing prices continues.

The South American nation has already met its focused debt stage in international and native markets this 12 months.

Ocampo had beforehand shut down the potential of on the lookout for financing in worldwide markets in current months because of the excessive prices of debt attributable to rising rates of interest worldwide, saying Colombia would concentrate on multilateral banking as an alternative.

“If this pattern (of lowering worldwide financing prices) continues, as we’ve got seen in current days, the potential of going to the non-public worldwide market can even be open for the federal government,” Ocampo mentioned at a discussion board in Bogota.

On the similar time Ocampo attributed change charge actions – the place Colombia’s peso has depreciated strongly within the final three days – to excessive ranges of market hypothesis.

“Final week we had the very best efficiency in Latin America. We hope that this can stage out, however this week we’re once more seeing a variety of hypothesis in change charges,” he mentioned.

Colombia’s peso depreciated 2.04% in early enterprise hours on Thursday, to five,051 models per greenback, in comparison with Wednesday’s shut.

Reporting by Carlos Vargas and Nelson Bocanegra; Writing by Oliver Griffin; Enhancing by Andrea Ricci

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