Russia's ruble lost two per cent, followed by
Colombian peso's 1.5 per cent.
Meanwhile, the
Colombian peso has been steadily appreciating amid an oil and mining bonanza that has brought in billions in foreign investment.
During the most recent quarter the company incurred $1.3 million in pretax foreign exchange losses due primarily to a devaluation of the
Colombian peso, compared with a $332,000 gain a year ago.
At the same time, it has put upward pressure on the value of the
Colombian peso, making imported consumer goods more competitive on the local market.
GCM's cash cost and all-in sustaining cost (AISC) are exposed to the
Colombian peso, whose value fell around 53% from Dec.
The first two years of the forecast period will see some difficulties in volume sales as a result of the strong devaluation of the
Colombian peso that will influence consumer prices, leading consumers to be more prudent regarding expenditure.
[USPRwire, Mon Sep 21 2015] The depreciation of the
Colombian peso against the US dollar in 2015 is a drag on growth by raising the cost of imported devices and solutions and resulting in deferred purchases and substitution for lower cost alternatives.
1 stares lasted all of 24 hours and was partly due to the strengthening
Colombian peso and the weakening Brazilian real.
Growth of both sales and trading profit were driven primarily by the company's international unit, which in turn benefited from increases in the value of the Brazilian real, the
Colombian peso and the Thai baht against the euro.
Also, since 1991 our costs of production have increased by 30% because of the revaluation of the
Colombian peso."
