2013.10.3104:30:00UTC+00Research: Banrep Official's Comments Supportive for Cop

Quotes from Societe Generale Cross Asset Research:

-Cesar Vallejo, a BanRep co-director, said on Wednesday that he saw no need for the Central Bank to continue to buy dollars as a means of building reserves and resisting currency appreciation. We wrote recently that the policy environment was shifting in a more favorable direction for the COP. 

-This includes a slower pace of dollar buying in October as compared to the Bank's program of purchases from June through September, as well as what we perceive to be a softening of verbal intervention on the part of officials. But yesterday's comments were especially bold, in our view. We see the COP outperforming peers, most notably the CLP, over the next few months.