The economy will contain inflationary pressures originating in the Colombian economy itself, because logically, in this new global context, not all the increase in prices is explained by what happens behind closed doors of the economies. But maintaining the interest rate was not the only determining who took the Central Bank Colombia. The other decision taken by the monetary authority and it was well received by the market, is more involved in the exchange market by acquiring a higher level of dollars through auctions of put options of dollars. Both decisions undoubtedly help contain the evolution of the Colombian peso had appreciated strong (9.2% so far in 2008 and 16.12% in the last 12 months).

The appreciation of the exchange rate is of concern not only to Colombian businessmen, but also the government and in 2007, the current account deficit of the balance of payments in Colombia increased to U.S. $ 5,851 million, which represents a 3 4% of GDP. The decision for further intervention in the foreign exchange market, although it was well received by the market, we must recognize that carries its risky What downside you may find the decision of a more active role in the containment of Colombian peso appreciation against the dollar? That as weak dollar is causing global inflation in commodity prices (which listings on the dollar, are worth more and more in terms of the currency but not so in real terms), which moves to the domestic prices Latin American economies, the slow appreciation of the Colombian peso against the dollar, may be increasing this aspect of inflation. .