Colombia to sell $1 billion in foreign reserves

Colombia's central bank will sell the government at least $1 billion in foreign reserves to help prepay debt, according to the Finance Minister, Bloomberg reported.

The report said the measure comes as a response to a request by President Alvaro Uribe that the central bank allow the use of the country's reserves, which have grown as the bank has bought dollars to help weaken the peso.

Uribe has called on the central bank to weaken the peso, which has gained 16 percent in the past 12 months, thr