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COLOMBIA: Petro Appoints Two New BanRep Board Members, Economist Survey Due

COLOMBIA
BulletEM BulletEmerging Market News
  • President Petro appointed two academics, Laura Moisa and Cesar Giraldo, as co-directors of the central bank after market close last night. Moisa is an economics professor, currently serving as Deputy Chancellor of the National University in Medellin. Giraldo is also an economist with a broader career in public policy, who sits on the committee responsible with overseeing the country’s fiscal rule. Petro hasn’t announced yet which board members they will replace.
  • Last week, Finance Minister Guevara said the new appointees would have profiles that align with the government’s vision. Given concerns about some government pressure for a faster pace of interest rate cuts, this may increase scrutiny on the central bank after it slowed the easing pace last month. Congress must still ratify the new members, however, which means that their first MPC meeting will likely be in March, rather than the upcoming one on Jan 31.
  • On the data front today, BanRep will publish its latest economist survey, which will include analyst forecasts for the interest rate outlook. Last week’s CPI inflation data were seen as being consistent with the continuation of the cautious cutting cycle and Finance Minister Guevara said earlier this week that BanRep could pause its rate-cutting cycle later this month, suggesting that the debate could be between the possibility of another 25bp cut and no change.
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  • President Petro appointed two academics, Laura Moisa and Cesar Giraldo, as co-directors of the central bank after market close last night. Moisa is an economics professor, currently serving as Deputy Chancellor of the National University in Medellin. Giraldo is also an economist with a broader career in public policy, who sits on the committee responsible with overseeing the country’s fiscal rule. Petro hasn’t announced yet which board members they will replace.
  • Last week, Finance Minister Guevara said the new appointees would have profiles that align with the government’s vision. Given concerns about some government pressure for a faster pace of interest rate cuts, this may increase scrutiny on the central bank after it slowed the easing pace last month. Congress must still ratify the new members, however, which means that their first MPC meeting will likely be in March, rather than the upcoming one on Jan 31.
  • On the data front today, BanRep will publish its latest economist survey, which will include analyst forecasts for the interest rate outlook. Last week’s CPI inflation data were seen as being consistent with the continuation of the cautious cutting cycle and Finance Minister Guevara said earlier this week that BanRep could pause its rate-cutting cycle later this month, suggesting that the debate could be between the possibility of another 25bp cut and no change.