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USDCOP Falls 0.6% As Congress Considers Changes To De-Centralisation Bill

COLOMBIA
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • USDCOP has fallen 0.6% Thursday, unwinding some of yesterday’s gains, after Green Party Senator Ariel Avila said that congress is discussing ways to reduce the cost of the proposed de-centralisation bill.
  • The current proposal would require the central government to transfer 46.5% of its revenue to the regions by 2036, from 26% currently, potentially adding 15pp to debt over the period. However, Avila said that lawmakers are discussing whether to reduce that figure to around 40%. He also said that congress is discussing whether to phase the changes in more slowly.
  • Meanwhile, the Finance Ministry has said that another bill is needed to guarantee fiscal sustainability, after BanRep’s Steiner and various government’s economists have said the proposal in its current form is fiscally unsustainable. The senate is due to vote on the reform on Monday, and if passed, it will very likely be approved in full in the lower house. Avila said there is adequate support in congress to ensure the bill passes.
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  • USDCOP has fallen 0.6% Thursday, unwinding some of yesterday’s gains, after Green Party Senator Ariel Avila said that congress is discussing ways to reduce the cost of the proposed de-centralisation bill.
  • The current proposal would require the central government to transfer 46.5% of its revenue to the regions by 2036, from 26% currently, potentially adding 15pp to debt over the period. However, Avila said that lawmakers are discussing whether to reduce that figure to around 40%. He also said that congress is discussing whether to phase the changes in more slowly.
  • Meanwhile, the Finance Ministry has said that another bill is needed to guarantee fiscal sustainability, after BanRep’s Steiner and various government’s economists have said the proposal in its current form is fiscally unsustainable. The senate is due to vote on the reform on Monday, and if passed, it will very likely be approved in full in the lower house. Avila said there is adequate support in congress to ensure the bill passes.