Colombia News Headlines6 Huhti 2023

Thursday Apr 6, 2023 - Colombia - Blockade at coal mine, Peso weakness

These are the trending news headlines in Colombia on Thursday April 6, 2023

Operations at Colombia's Cerrejon coal mine have been affected by a blockade of a rail line and export terminal used by the company, according to a statement released on Wednesday. The blockade, led by residents of three communities in Media Luna, La Guajira province, is an effort to obtain a "disproportionate agreement" following a court order for Cerrejon to reach agreements with nearby Wayuu indigenous communities regarding environmental and health requirements. The company, which is owned by Anglo-Swiss commodities giant Glencore, has already signed 302 agreements, including 11 with Media Luna communities. Blockades are common and regularly result in losses for Cerrejon, which remains open to dialogue and hopes for government help to lift the blockade.

Colombia's peso is expected to remain weak due to the central bank's wait-and-see approach to interest rates, combined with a mismatch between the currency and oil prices, according to a Reuters poll. The peso is predicted to trade at 4,800 per U.S. dollar at the end of June, which is 4.2% softer than its value on Monday. Last year, the peso was one of the world's worst-performing currencies, losing a fifth of its value due to concerns about President Gustavo Petro's proposed reforms. BanRep, the central bank, raised the benchmark rate by 25 basis points to 13% last week. If inflation behaves as expected in March, it could be the last hike, according to J.P. Morgan analysts. However, they remain data-dependent, which supports their underweight view for the peso.

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