Colombian governor sceptical about Venezuelan petro

L to R: Central Banking’s Victor Mendez-Barreira with Juan José Echavarría
Will Towning

The Venezuelan oil-backed cryptocurrency, the petro, and the transfer of oil reserves to the central bank are unlikely to stabilise the bolivar, Colombia’s central bank governor told Central Banking in an interview today (September 4).

Juan José Echavarría believes the challenges facing Colombia’s neighbouring economy are of such magnitude that the reforms unveiled in late August will struggle to provide any stability.

“So far they haven’t worked,” says Echavarría. “Inflation of 1,000,000%,

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