Colombian central bank aims to build up foreign exchange reserves

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The Central Bank of Colombia will use foreign exchange auctions to build up its currency reserves as it faces potential cuts to its credit line with the International Monetary Fund in 2020.

On September 28, the central bank announced the programme would help it deal with any modifications in its flexible credit line with the IMF. The IMF is due to announce any changes to Colombia’s FCL in May 2020.

The IMF’s executive board approved a successor two-year FCL arrangement with Colombia on May 23.

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