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President Petro Calls On Banks To Provide Cheap Loans

COLOMBIA
  • In a speech at a banking conference on Friday, President Petro called on the country’s banks to support growth by providing low interest loans. He said that this could be done freely or the government could force it upon banks through new legislation, which the government is considering. The comments came after earlier remarks from finance Minister Bonilla, who said that the government would reduce public spending by about $5 billion this year due to a shortfall in tax revenue.
  • In other news, the government said that it will ban coal exports to Israel in a bid to pressure the government of PM Netanyahu to end the conflict in Gaza. Colombia is Israel’s biggest supplier of coal, which accounts for 20% of Israel’s electricity production, although this is expected to drop to 3% next year.
  • Data wise, attention this week will be on the May CPI data due on Wednesday, where analysts expect the headline rate to remain at 7.16% y/y, even as core inflation moderates further.

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