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Markets Reopen Following Independence Day Holiday

COLOMBIA
  • Markets will reopen in Colombia after the country’s independence holiday. On Thursday, in a speech during the start of a new legislative session of Congress, President Gustavo Petro said that the debate on the energy transition cost him a great minister. The comments come following the resignation of energy minister, Irene Velez, who opposed new oil exploration contracts. It has not been made immediately clear who might be appointed to replace Velez, and any impact on short-term political risk premium will be monitored.
  • President Petro also took the opportunity to indicate that his government will present a reform to the mining code and education.
  • A very light week again next week in Colombia with just industrial and retail confidence data. BanRep will meet on July 31.

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