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Finance Minister Emphatically Rules out Capital Controls

COLOMBIA
  • Overnight, the government ruled out proposing capital controls. Finance Minister Jose Antonio Ocampo said to reporters “I want to point out very emphatically that in the name of the President of the Republic, the government is not going to propose capital controls nor is it going to impose taxes on capital outflows".
  • The comments became necessary after local asset prices came under pressure following President Gustavo Petro mentioning a tax on capital outflows in a series of tweets on Wednesday.
    • The rhetoric echoed earlier comments from Public credit director Acosta on Thursday.

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