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Forest Fires Continue, BanRep Decision Due Wednesday

COLOMBIA
  • Environment minister, Susana Muhamad, said on Monday that 12 fires are still active in Colombia, while six are controlled, Blu Radio reported. As a reminder, President Petro declared a state of national disaster last week and has asked for international help to combat raging wildfires that have spread through drought-stricken forests. Brazil’s president, Luiz Inácio Lula da Silva offered Colombia help to fight the fires and confirmed he will visit the country in April.
  • Separately, the government and guerrilla group ELN agreed to extend the ceasefire until February 5 while they discuss conditions for further deferment, both delegations said in a statement reported in local media.
  • Analysts remain divided over whether BanRep will cut rates by 25bps on Wednesday or if the board will choose to accelerate the pace of easing and cut the overnight lending rate by 50bps to 12.50%. The full MNI preview with analyst views is here:

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