economy
diciembre 21, 2025
El cuarteto del Banrepública que no cedió ante las presiones de Petro
El Banco de la República volvió a ser el epicentro de la tensión política y económica del país esta semana. En su última junta directiva de 2025, el E...
TL;DR
- The Banco de la República's board voted 4-3 to keep the interest rate at 9.25%, resisting government pressure to lower it.
- A 'caution' bloc, led by Governor Leonardo Villar, prioritizes fighting inflation, while the government-aligned bloc, including Finance Minister Germán Ávila, advocates for cuts to stimulate growth.
- Governor Villar cited persistent inflation (5.3% in November) and the excessive minimum wage increase (9.54%) as reasons for maintaining a tight monetary policy.
- Director Olga Lucía Acosta has been a key vote in maintaining the high interest rate, emphasizing the need to curb demand and prevent import surges.
- President Petro has publicly criticized the bank's independence and its high interest rate policy, calling it 'activism' and a 'subsidy to rent-seeking'.
- Economic think tanks like Fedesarrollo and Anif support the bank's cautious approach, warning that interest rates might even need to rise due to fiscal deficits and inflation pressures.
- The bank also highlighted the fiscal uncertainty stemming from the failed tax reform as a concern for investors and the country's risk rating.
- The central bank's stance suggests a continued 'tough hand' in monetary policy for early 2026 unless inflation shows a clear downward trend and the government demonstrates fiscal austerity.