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Court Annuls Carrasquilla’s BanRep Appointment

COLOMBIA
  • A top Colombian court annulled the appointment of one of the central bank’s directors, Alberto Carrasquilla, on the grounds that it violated rules to promote gender equality.
    • If its decision stands, President Gustavo Petro would name Carrasquilla’s successor. Petro will also get to name another two co-directors half-way through his four-year term.
  • Speaking yesterday, Finance Minister Jose Antonio Ocampo said that Colombia’s central bank will discuss potential intervention in the foreign exchange at its Nov. 25 meeting (non-MPR decision meeting).
  • Worth noting that the BanRep board discussed at its October meeting liquidity in currency futures, at Ocampo’s request. They decided against intervening in the foreign currency market after their analysis found that liquidity was normal.
    • Additionally, Ocampo told reporters that Colombia’s Finance Ministry will present its financial plan before the end of 2023.
  • Today, CEOs from Colombia’s Bancolombia, Davivienda and Grupo Aval speak in a panel on the final day of an infrastructure event in Cartagena.
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