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Finance Minister Repeats Government Will Not Impose Capital Controls

COLOMBIA
  • Finance Minister Jose Antonio Ocampo tried to reassure investors once more on Friday, stating that Colombia won’t impose capital controls or levy taxes on capital outflows, speaking at a banking conference.
  • Ocampo said he had met with President Gustavo Petro and they agreed that capital controls won’t be part of Colombia’s economic policy.
    • Following the conference, Ocampo told reporters Colombia interest rates are “high enough” and monetary policy has failed to curb inflation as a large part of it is caused by supply effects.
  • Separately, Colombia will target borrowing 70% internal, 30% overseas, planning to sell $1.5b in dollar bonds next year, according to Ocampo.
  • The finance minister also stated the fight against tax evasion could raise fiscal revenue by 10 trillion pesos per year.
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