Roberto Steiner, one of the most respected economists in Colombia and Jaime Jaramillo, who is one of the largest connoisseurs of monetary policyas he was an advisor to the Monetary Board, precursor of the Board of Directors of the Bank of the Republic, They will leave in the next few days of the entity.
Both, who are economic critics against the government, have expressed in the boards of directors of the Colombian Central Bank their opinions, especially in the boards of directors in which decisions are taken regarding interest rates.
And they have not only expressed their visions in different economic and fiscal aspects in front of the Minister of Finance on duty at the Board of Directors, but also They have even had the opportunity to tell him in person (at least in the case of Jaramillo) President Gustavo Petro.
And with those critical voices, especially in the field of fiscal policy against the current government, it is not surprising that the Executive has chosen their replacements.
These are the two outstanding economists Laura Moisá and César Giraldo, who together with the current co -director, Olga Lucía Acosta, who was also appointed by Petro, and the Minister of Finance, Diego Guevara, Theoretically they could do a majority in favor of the first president who has permanently claimed for a faster decline in the interest rates by the issuer.
However, Jaramillo says that the institutionality of the Bank of the Republic, with the autonomy and independence enjoyed by its membersadded to the robust team of economists and researchers make the technical rules in which the co -director are set when discussing a movement of the monetary policy interest rate.
Jaramillo told Portafolio that he will continue to live between Cartagena and the United States, where he attends academic activities and valued the members of the Board for their professionalism.
Despite the appointment of Moses and Giraldo by President Petro, Some consider that they cannot assume that they are faithful to the president’s thought or behave as their envoys.
Bank of the Republic.
Technical and political
That is why the technical discussions within the Colombian Cenral Bank and the inputs and work of the technical team that supply the co -directors are important. Although the president has attacked the director of the issuer, there is an institutional design that has demonstrated its autonomy and independence.
César Pabón, Executive Director of Economic Research of Corficolombiana and columnist of this newspaper said in past days that “Until now, the Minority Group of the Board, led by the Minister of Finance and then accompanied by Olga Lucía Acosta, could become a majority. They are expected to advocate a more accelerated reduction of rates, arguing that inflation responds more to external factors than to monetary policy and that the bank must also tend to growth”
He also considered that the management of “Reelect manager, co -director and technical team will be essential to avoid hasty decisions that affect the credibility of the bank. Reconciling data -based positions will be fundamental. In fact, Acosta has occasionally separated from the minister’s vision and could be the hinge”
Pabón warns that inflationary pressures persist: the increase in the minimum wage, the depreciation of the weight and the strong inertial effect. “The expectations of inflation to one year have been disagree with their goal. In addition, the international context continues to limit the maneuver margins: the fees in the US and the region will remain high, which makes cuts difficult without generating capital leak and greater depreciation. At the local level, fiscal and now commercial uncertainty add new challenges. ”
Holman Rodríguez Martínez
Portfolio
