Gustavo Petro attacks the Bank of the Republic again and insists on a constituent assembly
The president published an extensive message on his X account with multiple questions about the Bank of the Republic (BanRep) and proposed, as the only outcome of the clashes between the Government and this entity in recent days, the holding of a National Constituent Assembly...
TL;DR
- President Petro criticized the Bank of the Republic's recent 100 basis point interest rate hike, calling it a 'duquista' decision serving neoliberal interests.
- He proposed a National Constituent Assembly to reform the bank's structure and shift its focus from inflation control to economic growth, production, and employment.
- Petro accused the bank of sabotaging the economy and enriching banks by refusing to lower interest rates as requested by the government.
- The government has withdrawn its representative from the Bank of the Republic's board, preventing the entity from reaching quorum and making decisions.
- The Bank of the Republic's board, composed of five codirectors, the manager, and the Minister of Finance, meets to decide on interest rates, which impact savings, investments, inflation, and consumption.