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President Petro Says Not Useful To Raise Rates To Control Inflation

COLOMBIA

President Petro comments via twitter (translated):

  • "We will seek to strengthen public banking and increase competition in the financial sector to achieve low interest rates in the food-producing sector and the popular urban economy in the process of industrialization."
  • "The rise in the internal interest rate, which was opposed by the finance minister, but had the support of the entire board of directors of Banco de la República, will only transfer the world recession to the Colombian economy."
  • "The real intention of raising domestic interest, contrary to our proposal, has to do with avoiding capital outflows due to the rise in US interest rates. It could be avoided with a transitory tax on remittances to swallow capitals."
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President Petro comments via twitter (translated):

  • "We will seek to strengthen public banking and increase competition in the financial sector to achieve low interest rates in the food-producing sector and the popular urban economy in the process of industrialization."
  • "The rise in the internal interest rate, which was opposed by the finance minister, but had the support of the entire board of directors of Banco de la República, will only transfer the world recession to the Colombian economy."
  • "The real intention of raising domestic interest, contrary to our proposal, has to do with avoiding capital outflows due to the rise in US interest rates. It could be avoided with a transitory tax on remittances to swallow capitals."