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LATIN AMERICA ADVISOR

LATIN AMERICA ADVISOR

A daily publication Of the dialogue

April 16, 2026

Will Colombia’s Central Bank Yield to Petro’s Pressure?

Last month’s decision from Colombia’s central bank (pictured) to raise its benchmark interest rate by 100 basis points drew the ire of the administration of President Gustavo Petro. // File Photo: momentcaptured1 via Flickr CC BY 2.0.

Q

  • In a split decision, the board of Colombia’s central bank on March 31 raised its benchmark interest rate by a full percentage point to 11.25 percent. The hike drew criticism from Finance Minister Germán Ávila, a voting board member, who walked out of the meeting and vowed not to return until policymakers broaden their focus beyond inflation to also take into account growth and social issues. What is the significance of the tension between Colombia’s central bank and the administration of President Gustavo Petro? How effectively is Colombia’s central bank managing the country’s economy? How will the interest rate hike and other macroeconomic indicators, such as a rise in inflation to 5.29 percent and a decline in the unemployment rate to 9.2 percent, both in February, affect Colombia’s presidential election in May?

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The Inter-American Dialogue publishes the Latin America Advisor every business day for a distinguished membership of informed corporate leaders, scholars, and government officials invested in Latin America’s development and future. The Advisor‘s highly regarded Q&A section covers questions submitted by subscribers themselves. Commentators regularly include heads of state, business leaders, diplomats, economists, analysts, and thought leaders from around the world. Many of the world’s largest and fastest-growing companies subscribe to the Advisor. To subscribe, click here. For terms and conditions, click here. For more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.
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board of advisors

Diego Arria
Director,
Columbus Group

Merike Blofield
Professor of Political Science,
University of Hamburg

Devry Boughner Vorwerk
CEO,
DevryBV Sustainable Strategies

Joyce Chang
Global Head of Research,
J.P. Morgan

Marlene Fernández
Corporate Vice President for Gov’t Relations,
Arcos Dorados (McDonald’s)

Peter Hakim
President Emeritus,
Inter-American Dialogue

Donna Hrinak
Director,
Adtalem Global Education

Jon E. Huenemann
Council Member,
GLG Inc.

James R. Jones
Chairman,
Monarch Global Strategies

Craig Kelly
Senior Director,
Int’l Gov’t Relations,
Exxon Mobil

Barbara Kotschwar
Professor of Political Economy,
Georgetown University

John Maisto
Director,
US Education Finance Group

Nicolas Mariscal
Chairman,
Grupo Marhnos

Thomas F. McLarty III
Chairman,
McLarty Associates

Beatrice Rangel
Director,
AMLA Consulting

Ernesto Revilla
Head of Latin American Economics, Citi

Gustavo Roosen
President,
IESA

Andrés Rozental
President, Rozental &
Asociados

Shelly Shetty
Managing Director,
Sovereigns, Fitch

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