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Lawmakers To Discuss Pension Reform Bill Today

COLOMBIA
  • The Colombian peso underperformed yesterday, losing 1% to lift USDCOP to 3902, its highest since March 22. BBVA note that despite the move, the peso remains fairly rich on the back of the continued high carry, as the central bank has pushed back against fears of aggressive rate cuts due to persistent inflationary pressures.
  • Meanwhile, the senate voted to start the discussion on the government’s proposed pension reform yesterday and rejected an alternative proposal that sought to lower fiscal costs. The government agreed to lower the threshold of worker contributions that the government will receive to 2.3 minimum wages. Private fund managers would manage worker contributions above that amount. Lawmakers will restart the discussion of bill articles today, with the bill requiring one approval in the senate and two in the lower house to become law.
  • In other news, the government said it will allow a natural gas unit of Venezuela’s state oil company to operate in its territory, paving the way for fuel imports from Venezuela. Separately, the government has asked thermal power plants to operate at their capacity in the face of a drought which has reduced reservoir levels at the country's hydro plants.
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