On the morning of this Saturday, June 29, the President Gustavo Petro He greeted on his social network account X the decision of the Bank of the Republic to lower interest rates in Colombia. This rate rose from 11.75 percent in May to 11.25 percent in July, which is considered an important economic measure.
This is essential, as it allows all banks in the country to reduce the interest rates on their own products. In addition, can help stimulate consumption and improve economic activation.
It is worth saying that the reason why the Bank of the Republic had kept the interest rate high due to the need to control inflation that implies the increase in the cost of living.
“With the decision taken today, monetary policy maintains a stance in line with the objective of driving inflation to its goal by mid-2025, while offering a new impetus to the recovery of economic growth,” said the Bank of the Republic in a statement.
The decision, in turn, was welcomed by the Petro Government. Together with the banks, they had asked the issuer to reduce this interest rate in order to stimulate the Colombian economy.
Government prepares economic recovery package for July 20
“For the first time there is a reduction in the real interest rate and that is very positive for the country’s economy. The government is preparing its economic recovery package for July 20 based on a percentage of forced investment of national savings for industry and housing. It will improve the financial situation of the banks and will be temporary, for two years,” President Petro wrote in his X account.
This forced investment refers to an economic policy in which the Government encourages investment in the sectors that it considers priority for the country. In Petro’s case, what is proposed is that banks allocate investments to small and medium-sized businesses.
Among other things, the president has indicated that his intention is that part of this capital “can flow towards the popular world to work, to work in the transformation of things, industry, agriculture and tourism.”
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