The observers believed that there would be no important news emanated from the meeting of the board of directors of the Bank of the Republic that was held on Friday, on the eve of the festive bridge.

After all, the May session serves to review the main aggregates and not necessarily make decisions that influence the economy.

However, the Issuer was surprised by the announcement to suspend its program of accumulation of international reserves, which had led it to buy $ 1,879 million Colombian pesos since last September. According to the release issued, the reason is "to evaluate the impact of said program on the behavior of the foreign exchange market".

According to experts, the periodic acquisition of foreign currency has helped the national currency to devalue more than expected. For the area of economic research of Banco de Bogotá, the strategy pushed the exchange rate upwards in a range that would range between 125 and 150 Colombian pesos. Given the change in global conditions, this policy would have served to encourage speculative practices, in favor of greater depreciation.

The freezing of the initiative should help to moderate the pressure, although it is clear that there are more factors at play. Needless to say, there is a great expectation regarding what may happen this Tuesday, when the purchase and sale of greenbacks is reactivated.

If the logic is imposed, the exchange rate should go down. However, the price of a barrel of oil or what happens with the threat of Donald Trump to increase tariffs to Mexico will also enter into the equation. Due to this, it will be necessary to wait a few days before the panorama is clarified.

It is worth bearing in mind that the Bank will eventually resume its purchases, in order to avoid future headaches. This is recommended by the increasing external deficit or reduction in the credit line granted by the Monetary Fund. But that will happen when those who fish in troubled waters are absent.