Petro lashes out at the Bank of the Republic's board and calls for an urgent interest rate cut

TL;DR

President Gustavo Petro criticizes the Banco de la República's board for a misguided monetary policy.
He claims high interest rates are slowing economic growth, increasing financial costs, and negatively impacting Colombians.
Petro states that interest rate hikes are reducing housing purchases and increasing rental costs.
He argues that the central bank's policy is isolating Colombia compared to international trends, contributing to slower inflation reduction.
The President regrets listening to past recommendations that led to board appointments, deeming it a 'major mistake'.
Petro cites a JP Morgan report to support his view on Colombia's positive labor occupation trends.
He calls for a reduction in the bank's benchmark interest rate to improve equity, production, and job opportunities.
The President contrasts his government's inflation control with the previous administration, attributing high inflation to global factors.
Petro believes lowering interest rates would improve public finances and reduce the impact on housing and investment.
He criticizes the bank's management for interpreting constitutional compliance as a reason to raise rates.

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