Report says Colombia should increase reserves

According to Colombia's banking association, the central bank should boost its international reserves by about $500 million to offset possible sudden capital outflows that would follow a US interest rate rise.

"To the extent to which the U.S. economic recovery consolidates, the Federal Reserve will have more reasons to increase interest rates, and that will reduce the differential that exists today and aid investment in Colombia," Asobancaria association said in its weekly Semana Economica new