After snubbing the Issuer, Ávila could attend the April Board meeting and does not rule out constitutional reform
Germán Ávila, Minister of Finance and Public Credit, would go to the April 30 session of the Banrep. Photo: Ministry of Finance and Public Credit
TL;DR
- Minister of Finance Germán Ávila left a Central Bank board meeting in protest of a 100 basis point interest rate increase.
- This action has heightened economic uncertainty in Colombia.
- Ávila stated he will attend the next board meeting on April 30th.
- He criticized the 100 basis point hike as irresponsible and contrary to the country's economic reality.
- Ávila did not rule out proposing a constitutional reform to change how monetary policy decisions are made, which currently requires at least 5 out of 7 members' votes.
- International forums will be held to discuss the necessity of such a reform.