Colombian govt offers exchange rate insurance to ag exporters

January 31 , 2012

The Colombian Government has made a US$26 million (COP48 billion) investment in foreign exchange insurance for agricultural exporters, website Vanguardia.com reported.

Minister of Agriculture and Rural Development Juan Camilo Restrepo Salazar, told the website the measure would come into effect in 15 days time and apply for the whole of 2012, allowing coverage for US$700 million.

“The sharp fall in the price of the dollar that has been registered this year has severely hit activities such as floriculture, coffee and bananas,” he was quoted as saying.

He emphasized that the Bank of the Republic should understand and be aware of the effect the exchange rate was having on exporters, especially agriculture, the story reported.

www.freshfruitportal.com

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