President Petro confirms 'the government withdraws from the Board' of the Bank of the Republic after controversy over rates

TL;DR

President Petro announced the government will withdraw from the Bank of the Republic's board.
The decision follows the board's increase of the interest rate by 100 basis points to 11.25%.
Finance Minister Germán Ávila left a board meeting early and criticized the rate hike as "irresponsible."
The Bank of the Republic stated the rate hike is needed to bring inflation down.
President Petro believes high interest rates harm economic activity and benefit bankers.
The Bank of the Republic defended its constitutional mandate to protect the currency's purchasing power.
The relationship between the government and the central bank is entering a phase of heightened tension.

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