Petro Confronts Colombian Central Bankers Over Weak Economy

President Gustavo Petro recently met with Colombia’s central bank board to discuss ways to lower interest rates for the benefit of citizens. The meeting, which took place at the presidential palace, came after Petro accused the board of hindering the nation’s economic growth.

According to Petro’s press office, the president and the central bank board explored potential solutions to lower interest rates during the meeting. This comes after the economy grew by only 1.1% in the first quarter of the year, falling short of expectations. Petro attributed this weak economic growth to the restrictive interest rates that have been affecting internal demand.

Despite repeated calls from Petro and Finance Minister Ricardo Bonilla for deeper interest rate cuts, the majority of the independent bank’s board has resisted making significant changes. This is because inflation in Colombia remains more than double its 3% target, making it difficult to justify lowering interest rates further.

However, there are some indications that a change may be coming soon. Inflation has been steadily declining over recent months and currently stands at around 9%, well below its peak of nearly 20% earlier this year. Additionally, borrowing costs in Colombia have fallen significantly in recent years, with current borrowing costs standing at just 11.75%.

As of now, Colombia’s central bank has not yet made any official announcements regarding future interest rate adjustments or plans for reducing borrowing costs further. However, many analysts believe that a decision on these issues may be announced in coming weeks or months as inflation continues to fall and borrowing costs continue to decline.

Overall, it is clear that President Petro is determined to find a way to stimulate economic growth in Colombia by lowering interest rates and reducing borrowing costs for citizens and businesses alike. While there are still some challenges ahead on this front, it seems likely that we will see some progress on these issues in the near future.

In conclusion, President Gustavo Petro met with Colombia’s central bank board recently to discuss ways to lower interest rates for citizens’ benefit as he blamed them for hindering national economic growth due to their failure to cut restrictive interest rates despite his repeated calls and Finance Minister Ricardo Bonilla’s support for deeper cuts

By Sophia Gonzalez

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