Santos

Santos last week urged policy makers to consider lower borrowing costs and to step up daily dollar purchases.
“I have asked the central bank to study a cut in interest rates, and evaluate a more aggressive purchase of dollars to increase our international reserves,” Santos said in a July 20 speech to mark Colombian Independence Day. “This will also help us confront the phenomenon of revaluation.”
Colombia’s central bank has often ignored advice from Santos and his predecessor, Alvaro Uribe. In June, policy makers kept their daily dollar purchases unchanged at $20 million, even after Santos urged them to increase the amount.
In January, the central bank raised its benchmark interest rate a quarter point, after Santos said such a move wouldn’t be “appropriate.”