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Petro, Bonilla Met With BanRep To Discuss Interest Rate Cuts

COLOMBIA
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  • President Petro and Finance Minister Bonilla met with the Central Bank board yesterday “to explore solutions allowing interest rate cuts,” according to a statement from the presidential office. The meeting came following further remarks from Petro that high interest rates were strangling the economy and latest data that showed that GDP grew by just 0.7% y/y in Q1. The next BanRep MPC meeting is due on June 28.
  • Data wise, the macro calendar is light today, with the next major release being March trade balance and import figures on Tuesday.
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  • President Petro and Finance Minister Bonilla met with the Central Bank board yesterday “to explore solutions allowing interest rate cuts,” according to a statement from the presidential office. The meeting came following further remarks from Petro that high interest rates were strangling the economy and latest data that showed that GDP grew by just 0.7% y/y in Q1. The next BanRep MPC meeting is due on June 28.
  • Data wise, the macro calendar is light today, with the next major release being March trade balance and import figures on Tuesday.