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Colombia central bank suspends accumulation of dollars amid peso fall

BOGOTA, May 31 (Reuters) - Colombia's central bank has suspended its accumulation of foreign reserves so it can evaluate the impact of dollar-buying on the peso exchange rate, the bank said in a statement.

The accumulation, which began in September 2018, was meant to prepare the country for a possible cut in its line of credit with the International Monetary Fund next year. Colombia currently has a $11.5 billion line of credit with the IMF.

The decision comes amid a fall in the value of the peso, which decreased 3.4 percent in May.

The bank accumulated $1.87 billion during the program. Colombia's total foreign reserves were $51.63 billion in mid-May. (Reporting by Nelson Bocanegra Writing by Julia Symmes Cobb Editing by Helen Murphy and Leslie Adler)