November 14, 2012 / 2:12 PM / 5 years ago

UPDATE 1-Colombia says to issue up to $2.2 bln in local bonds

BOGOTA, Nov 14 (Reuters) - Colombia will issue up to 4 trillion pesos ($2.2 billion) in local TES bonds in the rest of 2012 in part to sterilize liquidity from central bank dollar purchases, the finance ministry said on Wednesday.

Investment in its burgeoning capital markets has soared over the last decade and foreign direct investment, mostly in the oil and mining industries, has reached record levels, boosting the peso currency and forcing the central bank to buy dollars.

According to the finance ministry statement, the central bank had asked the government to regulate liquidity in the economy due to the dollar purchases as well as lower national treasury deposits.

The weekly auctions will be held every Thursday starting on Nov. 15 and the bonds will have a maximum maturity of three years, it said.

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