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President Petro Details Constitution Reform Plan, Industrial Confidence Due

COLOMBIA
  • President Petro has provided further details on his plan to convene a constituent assembly to change the country’s constitution. He has laid out eight areas for reform including a proposed change to BanRep’s mandate to prioritise economic growth and employment while maintaining its independence, and guarantees for healthcare and water access. A re-write of the constitution would require majority support in congress, legal approval from the judicial system and a successful referendum, the combination of which is regarded as a long shot at this time.
  • Data wise, industrial and retail confidence figures for February will be published later. Yesterday, activity data surprised to the upside, with the economy growing by 1.6% y/y in January, as compared to -0.4% expected and +0.1% in December. The positive surprise is unlikely to impact BanRep’s interest rate decision on Friday, however, with most analysts expecting the central bank to step up the pace of easing to 50bp on the back of continued disinflation and rising real rates.
    • Feb. Industrial Confidence, prior 0.2
    • Feb. Retail Confidence, prior 14.5
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