¿Se volverá a equivocar el Banco de la República?
Keywords:
Exchange rate, interest rates, depreciation, appreciation, exchange rate band, reserves of foreign exchange, remittances, market, central bank, flotation, inflationAbstract
The Bank of the Republic comes at the moment practicing an exchange rate policy oriented to cause a devaluation of the peso opposing the tendency of the market that causes its revaluation. This as resulting from an economic recovery based on political stability, strength of the external sector, increasing foreign investment, favorable prices of the raw materials in the international markets and the increasing role of the remittances. Many are afraid that the central bank does not respect to the market as it did it in period 1994-1999 during the use of the exchange rate band, when it wasted reserves of foreign exchange and time treating to defend a rate and a system that finally it had to leave when occurring account of the impossibility to obtain the proposed objectives.
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References
2 Banco Central de Venezuela. www.bcv.org.ve/c2/indicadores.asp
3 Todas las cifras de reservas internacionales son tomadas del Banco de la República. www.banrep.gov.co
4 William C. Gruben and John H. Welch. Banking and Currency Crisis Recovery: Brazil’sTurnaround of 1999. (2001). www.dallasfed.org/research/efr/2001/efr0104b.pdf
5 Villar Gómez, Leonardo. Política cambiaria en un proceso de ajuste ordenado. Banco de la República. 1998. www.banrep.gov.co/documentos/presentacionesdiscursos/pdf/politcambi.pdf.
6 Banco de Tailandia. www.bot.or.th/bothomepage/index/
7 Foreign Exchange Policy and Intervention in Thailand. Paper prepared for the BIS Deputy Governors’ meeting on “Forex Intervention: Motives, Techniques and Implications in Emerging Markets”, BIS, Switzerland, 2-3 December 2004.
