The market is getting ready for re-election to go ahead.

The companies that decide to stay are expected to be extremely reluctant to make major commitments of capital to the country given the sheer evidence of regulatory uncertainty and state heavy-handedness.

The carry is so attractive -- we are talking about yields that are the highest in the world. It's still a very attractive trade to be in.

The country's adherence to fiscal discipline, despite low debt levels, is commendable and reassuring for investors.

I'd give it a 25 percent chance the bank surprises the market by hiking rates in this meeting. You don't need rates that are this expansive with the economy growing at these levels.

Investment spending continues to be very vigorous. There was 26 percent growth in investment in the first half of the year.

At this stage it does not look very plausible that the Colombian peso will average 2,240 for the year. I am not convinced the peso will have that much momentum to trade below 2,300 again.

The two experiences are completely opposed. One is textbook on what to do with a commodities windfall.

The numbers show that the government is opening the faucets when it should save money or spend more moderately. They may not see a consequence in the short term, but in the medium- to long-term, it makes it harder for the country to lower borrowing costs and reduce debt.

A backdrop of monetary tightening, high commodity prices, robust productivity growth and buoyant activity will continue to offer support to the peso.