Petro Names French-Educated Economist to Colombian Central Bank

Oscar Medina
·1 min read
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(Bloomberg) -- President Gustavo Petro named a French-educated expert in economic development to Colombia’s central bank board, likely soothing investors who had feared he might name a radical leftist from his own circle.

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Petro named Olga Lucia Acosta, who is currently a regional adviser to the UN Economic Commission for Latin America. She also serves on the committee of the nation’s fiscal rule, which is intended to prevent the government from running up excess debt.

“It seems to me that Petro got it right with this appointment,” said Carolina Soto, who was a central bank co-director from 2018 to 2021. “It sends a message of calm about the bank’s independence in managing monetary policy.”

Petro seems to have listed to his Finance Minister Jose Antonio Ocampo in making this “responsible” decision, Soto said.

Investors will probably view it as positive that Petro named someone independent and well-qualified, said Munir Jalil, Andean economist at BTG Pactual.

“The markets are likely to welcome this,” Jalil said, in reply to written questions. “She has experience as an investigator at the central bank and knows the institution.”

Acosta holds a master’s degree in Development Economics from the Paris 1 Panthéon-Sorbonne University, according to her profile on the web page of the Economic Commission for Latin America and the Caribbean.

Acosta replaces Alberto Carrasquilla who was ousted by a court on the grounds that his appointment violated rules on gender equality.

(Adds comment from former bank co-director in 4th paragraph.)

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