* COP up 0.3%, interest rate to not be discussed by c.bank * Real rises as govt agrees to Court"s debt payment plan * Buenos Aires to revamp $7 bln in foreign debt (Adds details, updates prices) By Susan Mathew and Ambar Warrick Aug 30 (Reuters) - Colombia"s peso rose ahead of a central bank meeting on Monday, while Argentine stocks surged to record highs after the country"s largest province, Buenos Aires, finally sealed a deal to revamp some $7 billion in foreign debt. The peso rose as much as 0.8%. The bank is not seen discussing rates at this meeting, Citi strategists said, adding that they will be looking for talks around the International Monetary Fund"s special drawing rights, which corresponds to around $2.8 billion for Colombia. "While the government has expressed willingness to use the funds for fiscal purposes, their use will depend on the board"s decision..." Meanwhile, former finance minister Alberto Carrasquilla, who resigned earlier this year after a botched tax reform proposal, was appointed to Colombia"s central bank board. Citi does not expect this change to "greatly alter the board"s voting balance." The currency is up almost 2% this month after losing more than 4% over the last two months. Argentine stocks surged more than 3%, with the deal coming after more than a year of tense talks and fears of an extended default. The South American country"s national government restructured over $100 billion in foreign currency debt last year after its ninth sovereign default, and is in talks with the International Monetary Fund to revamp $45 billion in payments. Stock bourses elsewhere in Latam made healthy gains, putting MSCI"s index of Latam shares in positive territory. Latam currencies followed broader emerging market peers into the black as U.S. Federal Reserve Chair Jerome Powell"s dovish stance at the Jackson Hole symposium kept risk appetite buoyed, denting the dollar. But rising COVID-19 cases across the globe, particularly in parts of Asia and Latin America, weighed on sentiment and capped any large gains. Mexico"s peso and Chile"s peso both trimmed early gains. Brazil"s real rose 0.2% after outpacing its emerging market peers last week, as the government agreed to Supreme Court proposals that will help keep fiscal spending in check. Still, data showed the government posted a bigger-than-expected budget deficit in July. Sao Paulo listed stocks fell 0.6% after posting their best week in 12 on Friday. Financial and industrial stocks led losses. In Peru, the sol slipped slightly after Congress on Friday confirmed a new leftist Cabinet nominated by President Pedro Castillo, allowing the fledging administration to continue an agenda focused on higher social spending coupled with higher taxes for the mining industry. Key Latin American stock indexes and currencies: Latest Daily % change MSCI Emerging Markets 1285.40 1 MSCI LatAm 2496.32 0.29 Brazil Bovespa 119925.54 -0.62 Mexico IPC 52535.31 0.21 Chile IPSA 4498.74 0.89 Argentina MerVal 75941.02 3.739 Colombia COLCAP 1321.67 -0.29 Currencies Latest Daily % change Brazil real 5.1839 0.22 Mexico peso 20.1266 0.32 Chile peso 781.8 0.07 Colombia peso 3812.65 0.32 Peru sol 4.0694 -0.08 Argentina peso 97.7000 -0.13 (interbank) (Reporting by Susan Mathew and Ambar Warrick in Bengaluru; Editing by Andrea Ricci and Chizu Nomiyama) Our Standards: The Thomson Reuters Trust Principles.