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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?

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

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

Congress is back (collective groan), and the word "reform" is set to dominate the agenda between now and the arrival of Father Christmas.

Fedesarrollo's consumer confidence data for June offers some encouraging numbers — but there is still a long way to go.

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

Another aspect is the normalization tax complementary to income tax. This 17% tax would be reincorporated with the purpose of normalizing omitted assets or nonexistent liabilities, and would be in force for the year 2022. During 2021 an advance payment of 50% must be made.

The 2.8% figure is the best result in any second quarter since 2015 and up from the 2.5% growth seen in the same period during 2017.

Compared to June, the consumer price index fell by 0.13% — significantly below the consensus forecast.

Rising oil prices were the biggest factor. The extractive industry exported $11.8 billion USD — nearly 60% of the nation's export value in the past six months.