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Tomorrow, the Constitutional Court defines whether the current manager of the Banco de la República may run for a new term in office.
The Court will study a lawsuit that seeks to exempt senior officials of the Issuing Bank from the age of forced retirement, which is 70 years.
The current manager, Juan José Echavarría, is reaching that age limit and in December of next year his first term in office expires.
Whether or not Echavarría is running for reelection depends on the ruling.
The Government is also very pending of the ruling, since it insists on a possible candidacy of the Minister of Finance, Alberto Carrasquilla, to the management of the Central Bank.
To all this we must add an additional detail: if the ruling allows Echavarría to be nominated, the manager will not have an easy path to reelection; It turns out that next year President Duque will be able to change two members of the Issuer’s board who already have a minimum period of four years: Ana Fernanda Maiguashca and Gerardo Hernández.
If the president replaces them, the Executive will remain with a majority on the board, will appoint the two new members who will join Roberto Steiner and Arturo José Galindo, who were appointed by this Government; there would be four votes, added to that of the Finance Minister: five votes out of seven, an absolute majority for any decision.
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In other words, if that happens, all the old independent organizations —Procuraduría, Fiscalía, Comptroller, Defensoría and Banco de la República— would be occupied by candidates proposed by the Head of State.
