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Colombia's Finance Ministry and the National Business Association of Colombia (ANDI) have spent weeks and months asking for rate cuts. Will they get what they want?

ANDI) and the Ministerio de Hacienda moved together on this plea — in what is hopefully the start of a more harmonious relationship.

As we could see from the BVC's Twitter account, the Asobolsa event in Cartagena was a day of soundbites and few ideas or solutions.

Banco de la República left rates at 13.25% — no surprise! — and lowered their 1.0% GDP estimate for 2023 to 0.9%.

Colombia has maintained its BB+ credit rating despite high inflation numbers and the loss of Petro’s supermajority.

President Petro's son, Nicolas Petro, has been arrested. The key here is that the president called for the investigation and has stepped away.

In this weekly news roundup, we saw a drop in retail confidence data but an uptick in industrial confidence — another mixed bag.

For April, unemployment was 10.7% — down from 11.2% a year ago — and there was a 3.5% increase (785k) in the number of people working year over year

Year over year Q1 GDP came in at 3.0% versus a consensus expectation of 3.5%, and the QoQ number of 1.4% actually beat the estimate of 1%.

The absolutely key takeaway from these developments is the fact that the institutions of Colombia are holding very firm.