BOGOTA – Colombian exporters are crying out for help in taming their country's appreciating currency that has cut into their profits, but they are not getting much sympathy from economists.
The experts say Colombia's strong peso, which has gained 9 percent against the dollar in the last 12 months, is here to stay and reflects the overall health of the Andean nation's booming economy. The message is adapt or close shop.
Like other emerging market nations, Colombia is grappling with the weak U.S. dollar and low interest rates in developed
countries that have pushed greenbacks into high-yielding developing economies and strengthened their currencies.
Colombia's $1 billion a year flower export business has been particularly hard hit because its costs are 100 percent in
local pesos and its sales are entirely in dollars.
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