Fresh Bout of Petro Risk Sparks Rout in Colombia's Currency [BNN Bloomberg (Canada)]
BNP PARIBAS SPONS ADR (BNPQY)
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Source: BNN Bloomberg
The nation's currency — the peso — strengthened against the dollar and local government bonds provided some of the best returns in Latin America in the two years since the leftist president took office. That's partially because his repeated attempts to upend the nation's conservative economic model were stymied. But also in large part thanks to rates that, at as high as 13.25%, were far above most of the developing world. That investment thesis is now being put to the test. The nation's central bank is set to cut rates on Monday, continuing what's expected to be one of the world's most-aggressive easing cycles. As the rates differential with the US and neighbors like Brazil shrinks, Colombian assets are becoming less attractive and political risks — particularly Petro's budget maneuvers — are weighing on investor confidence. “It's just one thing after the other right now keeping the investor narrative a bit frail,” said Gilberto Hernandez-Gomez, a strategist at BBVA in New York,
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