A Concerned Central Bank? Don’t Bet On It

COLOMBIA - Report 19 Feb 2014 by Veronica Navas and Andrés Escobar Arango
The fact that the exchange rate has depreciated by 5.0% in so far this year has made investors nervous. Although this bears no resemblance to the depreciation rates observed in other emerging countries such as Argentina (23.4%) and Turkey (8.4%), and can easily be interpreted as a catching up of the COP - which had remained fairly stable over the previous months - investors wonder whether the Central Bank is ready to intervene. The question then is if the Central Bank is willing to curb depreciation just as it sternly tried to limit appreciation over the past 4 years by intervening in the e...

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