President of Colombia appoints two co-directors of the Central Bank

The president of Colombia, Gustavo Petro, appointed economists Laura Moisá and César Giraldo as co-directors of the Central Bank, an appointment with which the president could achieve a majority to promote further cuts in the reference interest rate and boost the recovery of the economy.

Moisá, with extensive experience in the academic field, serves as vice chancellor of the National University in Medellín, while Giraldo is a professor at the same higher education institution in Bogotá.

“I have decided in accordance with my constitutional powers, to appoint economists Laura Moisá and César Giraldo to the board of directors of the Bank of the Republic,” Petro said Wednesday night on his X account.

The co-directors of the Central Bank are appointed by the president of the country for fixed terms of four years, extendable twice, so they can remain in office for up to 12 years.

In addition to the five co-directors, the board of directors of the Central Bank – the country’s highest monetary authority – includes its manager, Leonardo Villar, and the Minister of Finance, Diego Alejandro Guevara.

The names of the co-directors who will leave the Central Bank board and who will be replaced by Moisá and Giraldo were not immediately reported.

At the end of 2022, Petro appointed economist Olga Lucía Acosta as co-director, completing her third appointment.

In December, the Central Bank of Colombia cut its reference interest rate by 25 basis points to 9.50%, less than expected by the market, softening the pace of reduction due to uncertainty about global monetary policy and fiscal difficulties. of the country.

Despite the independence of the Central Bank, on several occasions Petro asked the organization to be more aggressive in cutting the reference interest rate to boost domestic consumption and the recovery of the fourth economy in Latin America, which closed 2024 with inflation. 5.20% annually.

On the other hand, Petro requested the resignation of the head of the National Directorate of Taxes and Customs (DIAN), Jairo Villabona, due to the low tax collection, and in his replacement he will appoint Luis Eduardo Llinás, current director of the Information and Analysis Unit Financial, reported government sources.

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