Rojas-Moreno, Juan Sebastián

In the last two decades, the Banco de la República de Colombia has assiduously intervened in the foreign exchange market, except in the last 5 years. The objectives are to accumulate international reserves, reduce excess of exchange rate volatility and moderate deviations of the…

Banco de la República (BR) generates information intended for decision-making, accountability, and dissemination to the public. In particular, the Financial Markets Report is framed within the principle of dissemination to the public and contributes to the Central Bank's service of providing…

The price of Brent crude oil remained relatively stable between early 2011 and the first half of 2014, averaging USD 110 per barrel (bl).

The Colombian peso depreciated 39.4% against the dollar between July 2014 and March 2015. During that period, the exchange rate rose from a monthly average value of COP 1,858 per dollar to COP 2,591.

One of the consequences of the 2008 financial crisis was a generalized contraction in international trade. In the case of Colombia, export volume indexes and its annual growth rates declined between 2008 and 2009,.

International reserves are very important for emerging economies, as they allow to buffer possible liquidity vulnerabilities within a countries' balance of payments. Consequently, the issue of how many reserves should each country hold is a relevant issue for economic policy. The literature has…