Petro attacks Banco de la República and says it would reform

Petro attacks Banco de la República and says it would reform

In the middle of a debate, the pre-candidate for the presidency for the Historical Pact and favorite in the polls, Gustavo Petro, attacked the Banco de la República by stating that the entity has lost its independence in the last governments and that if it wins the votes it would make reforms within the Issuer.

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According to Peter, “The Bank’s Board of Directors belongs to a political party, the Democratic Center.”

“What we want is a truly independent Bank of the Republic (…) it seems key to me that the board of directors has the presence of society”, pointed out the candidate, in the middle of his speech this Friday night.

Petro’s statements were made just the same day that the International Monetary Fund (IMF) highlighted the work of the Colombian central bank to maintain control of inflation due to the “strong reaction” of its monetary policy.

With these controversial statements, Petro once again questions the work of Banco de la República, after having criticized the Issuer’s decisions to increase interest rates to curb inflationsince it says that this would end up affecting the activation of the economy and production.

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What’s more, last year he had insisted on his idea that the Bank of the Republic issue money to finance government spending.

In his speech in the middle of the debate, the pre-candidate said that he would seek reforms to give members of society a presence on the Board, in particular the representation of “productive organizations” from the country.

After the proposal to reform the Banco de la República, the president of Anif, Mauricio Santamaria, spoke of the inconveniences of the initiative, since he warns that it is “a misleading, dangerous proposal that arises from a clear ignorance on the subject.”

According to Santamaría, bringing “productive organizations” and other actors to the board will only guarantee the loss of independence of Banco de la República. “Those such productive organizations and other actors will obviously seek to protect their own interests, putting an end to the impartiality that the board should have. Imagine business associations and unions deciding monetary policy! Certain disaster!”he adds.

For the president of the Anif, the most important thing is to protect the scheme in which the members are technical experts in monetary policy and in which the objective of the Banco de la República is to control inflation, without introducing other factors that will lead to do none right.


In addition to his criticism of Banco de la República, Petro spoke of ending the EPS in the country’s health system and replacing it with a preventive care model that “guarantee the rights of the people and not the profits of the bankers”.

In this regard, the economic analyst Robert Angle He wrote on his Twitter account that “When Petro proposes to eliminate the EPS and replace them with ‘health to your home’, it is confusing an actor that performs a function of the Health System (articulation) with a modality of preventive services. It’s like throwing away the fridge and pretending to replace it with an ancheta” and I add, “Many followers of Petro have the reflex to qualify the proposals to convince themselves that they are not nonsense. The point is concrete: when your candidate promises to eliminate insurers (except for catastrophic illnesses), ask him why he is going to replace them ”.

For his part, the analyst and professor associated with the Javeriana University, Jorge Restrepo, “The proposal means ending health care for non-preventable illnesses and restricting health insurance and limiting business freedom. Wrong. (…) And contrary to the Constitution and the economic system,” manifested.

Petro states that the preventive model is the main health system in any country and that therefore a transition from the EPS to the IPS must be made.


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