President Gustavo Petro presented on X several proposals to counter the effects of the Banco de la República's reference rate hike to 11.25%, which he called unconstitutional. Measures include subsidies for fertilizers, low-rate housing policies, and land distribution to peasants. He also called for self-regulation in fuel consumption amid the Middle East war.
President Gustavo Petro posted on X criticizing the Banco de la República's decision to raise the reference rate to 11.25%, stating it aims to halt the economy and the welfare achieved under his government, which he deems unconstitutional. He highlighted the need to mitigate effects from the Middle East war and from a bank that, he claims, acts as opposition against production and employment.
Among proposals, Petro stressed protecting production and jobs through agrarian policies to control inflation. He suggested subsidizing fertilizers and corn instead of fuels, boosting credits with compensation rates for the popular and export economy, and delivering all land from the fondo de tierras to peasants, prioritizing rural women via the Agencia Nacional de Tierras (ANT).
On housing, he proposed low rates for popular, social, police, and military constructions with state involvement, improving existing homes with clean energy generation through the state-financed Colombia Solar program, and turning Organizaciones Populares de Vivienda (OPV) into builders with direct subsidies. He urged banks to cut intermediation rates to avert a banking crisis and the SuperFinanciera to report on unreturned subsidies.
Finally, he asked users to self-regulate gasoline and diesel use by switching to clean energies, and the Ministry of Mines to run campaigns reducing hydrocarbon demand.
