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Ecopetrol Name New CEO, USDCOP Trades Below 4500

COLOMBIA
  • The Colombian peso is extending its impressive rally which has prompted USDCOP to trade below pivot support at 4500 for the first time since October 2022. The weaker greenback and supportive tone for commodity markets are continuing to bolster the Peso rally. Consumer confidence data for March is expected today.
  • In local news, Ricardo Roa Barragan was selected to lead state-run oil company Ecopetrol as Petro’s administration seeks to push through ambitious plans to transition the country away from fossil fuels. Roa will take over from interim Chief Executive Officer Alberto Consuegra after Felipe Bayon, who had held the role since 2017, left at the end of last month. Roa, will assume the role by April 30.
  • At an event on reconciliation, President Petro said Colombia’s central bank should print money to accelerate compensation payments to victims of the nation’s six-decade conflict. Analysts note that these, once again, represent messages of interference in the autonomy of the central bank.

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