Central Bank Committee Changes

Chief Economist Vargas presenting the Quarterly Report: Colombia's inflation forecast has a high degree of uncertainty in the short-term given the potential impact of government aid and subsidies.

Governor Villar said in the same presentation that policy makers could lower interest rates if demand suffers a deep decline and inflation slows more than expected, dragging inflation expectations lower

• Two new co-directors for the Central Bank announced: Mauricio Villamizar and Bibiana Taboada
• As a bank insider, Villamizar is likely to be an orthodox policy maker, while Taboada may bring a different perspective due to her familiarity with social issues, said Sergio Olarte, an economist at Scotiabank's Colombia unit.
• It is unclear as to whether either of the outgoing board members were part of the two-member minority who have voted for cuts at most recent meeting.