Colombian currency plunges on finance minister resignation report

The Colombian peso fell on reports that the country’s finance minister is resigning, the latest fallout from Colombian President Ivan Duque’s plans to raise taxes, which also sparked protests.

Colombia’s peso fell the most among major currencies as local media reported Finance Minister Alberto Carrasquilla is about to step down after bloody street protests led the government to shelve his plan to raise taxes. Carrasquilla and his deputy Juan Alberto Londono will hand in their resignations this morning, Blu Radio reported, without saying how it obtained the information. La Republica daily said the whole economic team who worked on the tax bill will also quit. While declining to comment on the reports, Interior Minister Daniel Palacios told Blu Radio that the government will seek to reach consensus with political parties to present a new tax bill to congress. The finance ministry confirmed President Ivan Duque and Carrasquilla were meeting this morning.