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Money men.


Global markets have strengthened Latin American currencies against a weak dollar for the first time in years, which can be great for importers but makes exports less competitive. Colombia took action to weaken its currency to help exporters. Chile's peso, meanwhile, strengthened as booming copper exports brought in dollars. In Venezuela, hefty oil revenues have kept the country awash Awash (ä`wäsh), river, E Ethiopia, rising near Addis Ababa and flowing c.500 mi (800 km) to a swampy lake near the Djibouti border. The Awash Valley is important agriculturally and has hydroelectric plants.  in greenbacks. President Hugo Chavez ordered the Central Bank president to quit unless he hands over US$1 billion to fund social programs.

"The dollar's fall seems endless."

--Carlos Silva, analyst at Colombian brokerage Balsa Ultrabursatiles (El Pais)

"We're in constant dialogue to find new ways to handle those most affected by this difficult reality of the exchange rate, like the agriculture sector."

--Alberto Carrasquilla, Colombian finance minister (Excelsior)

"Nobody wants to buy [dollars], because buying means losing money."

--Cristian Donoso, head of foreign currency trading at Chilean brokerage Banchile (El Mercurio El Mercurio is an influental Chilean newspaper with editions in Valparaíso and Santiago. Its Santiago edition is considered the country's paper-of-record and its Valparaíso edition is the oldest daily in the Spanish language currently in circulation. )

"What exporters have to understand is that they should not be in the business of making or losing money on currency movements."

--Alberto Ramos, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies.  economist at Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street.  (Bloomberg)

"The [Central Bank] doesn't owe the government anything."

--Domingo Mazo Zavala, Central Bank of Venezuela The Central Bank of Venezuela (Spanish: Banco Central de Venezuela, BCV) is the central bank of Venezuela. It maintains a fixed exchange rate for the Venezuelan bolívar.  director (Union Radio)

"External conditions could not be better for emerging markets in general."

--Guillermo Estebanez, Latin America currency strategist at Bank of America
See also:  and


Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world.
 (Bloomberg)
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Article Details
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Publication:Latin Trade
Article Type:Brief Article
Geographic Code:3VENE
Date:Mar 1, 2005
Words:222
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