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Strategies & Market Trends : Waiting for the big Kahuna
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To: P.T.Burnem who wrote (26245)9/2/1998 5:14:00 PM
From: P.T.Burnem   of 94695
 
Colombia effectively devalues peso

REUTERS

BOGOTA, Sept. 2 -Colombia bowed to pressure on its peso currency Wednesday, announcing a de facto devaluation that analysts called the first significant change in any Latin American country's exchange rate policy since Asia's financial turmoil erupted last year. The surprise move, which was expected to step up pressure on neighboring Venezuela and Ecuador to devalue their own beleaguered currencies, was announced by the central bank after an emergency policy meeting late Tuesday night.
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