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Viewing cable 08BOGOTA3289, COLOMBIA LOOSENS CAPITAL CONTROLS AS PESO FALLS

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Reference ID Created Released Classification Origin
08BOGOTA3289 2008-09-04 11:56 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Bogota
VZCZCXYZ0000
RR RUEHWEB

DE RUEHBO #3289 2481156
ZNR UUUUU ZZH
R 041156Z SEP 08
FM AMEMBASSY BOGOTA
TO RUEHC/SECSTATE WASHDC 4483
INFO RUEHBR/AMEMBASSY BRASILIA 8357
RUEHCV/AMEMBASSY CARACAS 0972
RUEHLP/AMEMBASSY LA PAZ SEP LIMA 6529
RUEHZP/AMEMBASSY PANAMA 2263
RUEHQT/AMEMBASSY QUITO 7205
UNCLAS BOGOTA 003289 
 
SENSITIVE 
SIPDIS 
 
WHA/EPSC FOR MROONEY; EEB/IFD/OMA FOR ASIROTIC; WHA/AND: 
RMERRIN 
 
E.O. 12958: N/A 
TAGS: ECON EFIN EINV PGOV CO
SUBJECT: COLOMBIA LOOSENS CAPITAL CONTROLS AS PESO FALLS 
 
REF: BOGOTA 2053 
 
1. (SBU) SUMMARY: Less than three months after tightening 
capital controls on portfolio investment (reftel), the 
Colombian Finance Ministry announced September 1 that it 
would eliminate deposit requirements on foreign capital 
inflows into Colombian stocks.  The move represents the first 
loosening of Colombia's controversial capital controls since 
their implementation in May 2007 to combat the steady 
appreciation of the Colombian Peso and follows the Peso's 14 
percent slide against the U.S. dollar since July 2008. 
Colombia's business community praised the decision and 
expressed hope that it would pave the way to achieving 
investment grade status for Colombian debt.  END SUMMARY. 
 
Change of Course 
---------------- 
 
2. (SBU) Beginning in May 2007 Colombia announced a series of 
measures to restrict the inflow of foreign portfolio 
investment, which the GOC blamed for driving the Peso to 
record highs against the U.S. dollar and hurting the price 
competitiveness of Colombian exporters.  The measures placed 
deposit requirements up to 50 percent of the investment for 
periods extending to two years.  The capital controls were 
criticized by international investors and significant 
portions of the Colombian financial community as contrary to 
Colombia's progressive steps to liberalize the economy under 
President Uribe's administration. 
 
3. (SBU) Amid continuing criticism that the controls 
prevented Colombia from recuperating investment grade status 
for its sovereign debt and the recovery of the U.S. dollar 
against the Peso since July, the Finance Ministry decided 
September 1 to partially lift the 50 percent deposit 
requirement on foreign investment in Colombian stocks and the 
two-year minimum investment period for foreign direct 
investment.  However, deposit requirements continue for 
foreign investment in Colombian bonds and other financial 
instruments. 
 
About Time 
---------- 
 
4.  (SBU) Financial sector representatives praised the move 
by the GOC as a return to pro-market policies by the GOC. 
Mauricio Santamaria, Deputy Director of Colombia's leading 
economic thinktank Fedesarrollo, told us the partial lifting 
was overdue step since the controls have had little effect in 
preventing Peso fluctuations and the removal of restrictions 
on stock investments from abroad would add much needed depth 
to Colombia's small stock market. 
 
5. (SBU) German Verdugo of Colombian brokerage firm Correval 
said the decision should encourage international investors 
such as Goldman Sachs and Morgan Stanley to take a closer 
look at investing in Colombia and will help speed up 
Colombia's recuperation of investment grade status for its 
sovereign debt.  Finally, National Association of Financial 
Institutions (ANIF) Vice President Carlos Rojas told us that 
his members did not expect to see a large immediate inflow of 
portfolio investment due to the current tightness in 
international markets, but that over the longer term the 
loosening of the controls should bolster Colombia's image as 
a destination for foreign capital investment. 
BROWNFIELD