Petro Meets Colombian Central Bankers He Blamed for Weak Economy

(Bloomberg) -- President Gustavo Petro met with Colombia’s central bank board a day after accusing them of throttling the nation’s economic growth.

Most Read from Bloomberg

• Gantz Says He’ll Quit Unless Netanyahu Moves to New War Plan

• A 25-Year-Old BofA Trader Dies Suddenly at Industry Outing

• US Company Becomes World’s Most Valuable Solar Firm After Chinese Rivals Slip

• Zyn Shortage? Nicotine Pouches Out of Stock in Several US States

• China Attempts to End Property Crisis With Broad Rescue Package

The meeting at the presidential palace on Thursday explored “solutions that allow interest rates to be lowered for the benefit of citizens,” according to Petro’s press office.

The economy grew 1.1% in the first three months of the year from the previous quarter, lagging forecasts. On Wednesday evening, Petro said weak economic growth is due to restrictive interest rates that are curbing internal demand.

A majority on the independent bank’s board have repeatedly defied calls from Petro and Finance Minister Ricardo Bonilla for deeper interest rate cuts, since inflation remains more than double its 3% target.

The bank didn’t immediately reply to a request for comment.

Colombia has lowered borrowing costs by 1.5 percentage points starting in December, to 11.75%.

Read more: Colombia’s Interest Rates ‘Strangle’ Economic Growth, Petro Says

Most Read from Bloomberg Businessweek

• Neuralink’s First Patient: ‘It Blows My Mind So Much’

• Netflix Had a Password-Sharing Problem. Greg Peters Fixed It

• Walgreens and CVS Are Trying to Fix America’s Flailing Pharmacies

• How the ‘Harvard of Trading’ Ruined Thousands of Young People’s Lives

• Milei Targets Labor Law That’s Set to Hand Banker $10 Million Severance

©2024 Bloomberg L.P.