Minister of Finance announced a $400 increase in gasoline, after returning to the Banrep board which maintained interest rates
The expectation for the meeting of the Board of Directors of the Bank of the Republic was focused on two fronts. The first related to the presence or not of the Minister of Finance, Germán Ávila, who retired a month ago but finally participated in this Thursday's session, April 30. The second front concerned the decision of the Bank of the Republic regarding raising, lowering, or maintaining its interest rate, an indicator that remained at 11.25%.
TL;DR
- The Banco de la República maintained its benchmark interest rate at 11.25%.
- The Minister of Finance, Germán Ávila, returned to the board meeting and advocated for a rate decrease.
- The board cited inflation figures and economic indicators, including rising energy prices due to Middle East conflict, in their decision.
- Gasoline prices will increase by $400 per gallon starting May 1st.
- The government plans to pursue tax reforms, with expectations for the next administration to continue this effort.