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Government Recalls Ambassador To Argentina, BanRep Decision In The Balance

COLOMBIA
  • The Colombian government has recalled its ambassador to Argentina for consultations after Argentine President, Javier Milei, aggressively criticised his counterpart, Gustavo Petro. Milei said the Colombian president was a “communist murderer who is sinking Colombia” during an interview with journalist Patricia Janiot on Thursday, according to reports.
  • Petro countered Milei by saying those who attack him "have no idea what is communism and what is socialism," adding that "we are not looking for" a system where "the state owns the means of production."
  • Separately, analysts are evenly divided over whether the Colombian central bank will once again cut rates by 25bps or if BanRep will choose to accelerate the pace of easing, and cut the overnight lending rate by 50bps to 12.50%. Stubbornly high levels of both headline and core inflation, combined with weaker-than-expected economic activity will likely prompt further substantial debate among the committee and another split vote on the rate decision is likely.
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