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BanRep’s Carrasquilla Annulment, CB Expect CPI At Target By End 2024

COLOMBIA
  • A reminder that a top Colombian court annulled the appointment of one of the central bank’s directors on the grounds that it violated rules to promote gender equality.
  • In a ruling published last Thursday evening, the nation’s Council of State voided the 2021 naming of Alberto Carrasquilla to the bank’s policy committee.
  • If its ruling stands, President Gustavo Petro would nominate Carrasquilla’s successor and will also be able to name another two co-directors half way through his four-year term.
    • In a statement BanRep Governor Leonardo Villar said the bank will comply with the decision while adding that he is saddened by it.
  • The central bank reiterated its long-term inflation target of 3% and forecasts inflation will end this year above 11%, according to a statement. The bank forecasts inflation will end 2023 at around 7% and expects to meet the 3% inflation target by end 2024.
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