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. Last Updated: 07/27/2016

Colombia Devaluation

BOGOTA, Colombia -- Buffeted by global market turbulence, Colombia has devalued its currency and said the peso could slide as much as 23 percent against the dollar.

Latin American finance ministers and central bank governors were to meet Thursday with the International Monetary Fund in Washington and discuss the impact of the devaluation on the region.

After the central bank announced the action Wednesday, the peso fell 5.3 percent against the dollar, ending the day's trading at 1,526 pesos to the dollar.

Finance Minister Juan Camilo Restrepo said the decision to devalue the currency was influenced by "the recent evolution of international financial markets.''