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Petro Presses Local Banks to Trim Loan Rates

COLOMBIA
  • Over the weekend, President Petro pressed local commercial banks to trim their interest rates on loan products and housing, adding a swipe at the central bank by deeming recent rate hikes as putting the productive Colombian economy at risk.
  • Petro added that Colombia must lift import tariffs on international trade in order to protect domestic industry - and in particular agriculture.
  • GDP data is due later Monday, expected to accelerate to 3.4% Y/Y from 2.9% for a quarterly clip of 1.0%, up from Q4's 0.7%.

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