Colombia’s rate hike prompts government backlash
Finance minister Germán Ávila exits Banrep board in protest at 100 basis point tightening
The Central Bank of Colombia (Banrep) on March 31 made its second consecutive rate rise of 100 basis points, prompting the country’s finance minister to leave the policy meeting in protest.
Finance minister Germán Ávila left the policy meeting before the bank announced its decision to take the benchmark rate to 11.25%, and held an impromptu press conference. He revealed that Banrep intended to hike rates and said he would no longer sit on its board. “We are withdrawing from a board of directors
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