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COLOMBIA: Energy Minister Camacho Resigns, January Business Confidence Due

COLOMBIA
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  • Energy Minister Andres Camacho resigned yesterday, after two years in the position, as tensions within the Cabinet remain high following a disorderly televised meeting earlier this month. After that meeting, President Petro asked his Cabinet members to resign. Camacho is said to be planning to run for the Senate.
  • Separately, former ambassador and senator Armando Benedetti was confirmed as interior minister yesterday, as expected, where his job will be to promote key reforms, including overhauls of health and labour. Benedetti is perceived as a close ally of President Petro, alongside Laura Sarabia, who Petro recently appointed as foreign minister.
  • In the macro calendar, retail and industrial confidence figures for January will be released today. Sentiment edged higher in December, with retail confidence rising to its highest since July 2023. After today, January unemployment figures cross on Friday, when BanRep also holds a non-monetary policy Board meeting.
    • Jan. Retail Confidence, prior 20.6
    • Jan. Industrial Confidence, prior -0.2
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  • Energy Minister Andres Camacho resigned yesterday, after two years in the position, as tensions within the Cabinet remain high following a disorderly televised meeting earlier this month. After that meeting, President Petro asked his Cabinet members to resign. Camacho is said to be planning to run for the Senate.
  • Separately, former ambassador and senator Armando Benedetti was confirmed as interior minister yesterday, as expected, where his job will be to promote key reforms, including overhauls of health and labour. Benedetti is perceived as a close ally of President Petro, alongside Laura Sarabia, who Petro recently appointed as foreign minister.
  • In the macro calendar, retail and industrial confidence figures for January will be released today. Sentiment edged higher in December, with retail confidence rising to its highest since July 2023. After today, January unemployment figures cross on Friday, when BanRep also holds a non-monetary policy Board meeting.
    • Jan. Retail Confidence, prior 20.6
    • Jan. Industrial Confidence, prior -0.2