Central Bank Of Colombia requires new board

According to a poll, Colombia’s central bank is damaging the economy by hiking interest rates to battle inflation, and the institution needs to be governed by economists with a broader spectrum of viewpoints.

“By raising the interest rate, all you do is kill the national economy more, so you discourage investment”, Said a left-wing candidate in an interview with a campaign event last week.

Colombia’s inflation is currently caused by growing import food costs rather than overheating, so programmes to enhance food production, such as fertiliser subsidies, are needed, according to him. He stated that the bank’s board of directors must have a “plurality of vision, not just ideology.”

Petro, 62, stated that if he wins, he will only appoint central bankers who can manage monetary policy in a way that increases output and employment while maintaining macroeconomic and price stability.

Halfway through his four-year term, Colombia’s next president will be able to select two new members to join the board of the Banco de la Republica. Petro might designate three of the seven board members because the finance minister is also a member of the monetary policy committee.

Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.

Contact us