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Abelardo de la Espriella welcomes the fact that the Banco de la República has lowered the interest rate to an all-time low of 1.75%, which, he says, it will have effects on macroeconomic policy and the citizens of Colombia will benefit.
However, in his column he considers that efforts are still needed to focus on private banks that can give a “bang” to the economic reactivation. For this reason, he proposes to lower interest rates even more.
“Why not think about reducing interest rates, bringing them as close as possible to 0% for a limited period of time?”, Said the lawyer, in his text in La República.
After launching the proposal, De la Espriella clarifies that one should not fall into the irresponsibility of lowering all rates to zero, but emphasizes that it is necessary for consumption to receive stimuli.
“With regard specifically to loans for companies or for the purchase of housing, the financial sector, with the decided support of the State – we all have to put our hands in our pockets – must aim accurately at the reduction of requirements and rates” said the columnist.
In addition, he concludes by saying that this will help to recover the economy and to reactivate consumption, with people working and meeting their financial commitments.
New banks in Colombia
Abelardo de la Espriella’s proposal is known at a time when several banks are lining up to enter the Colombian market and compete with the traditional ones.
These are the banks Lulo Bank, JP Morgan and BTG Pactual, that they finalize details for what will be their entry to Colombia to compete in this market.
In the case of BTG Pactual, it has already presented its banking license, while JP Morgan would receive it next December and begin operating as a commercial bank, according to the newspaper La República, which also emphasizes that Colombia It currently has 25 banks operating and 12 financing companies.
In what has to do with the latter, this same medium indicates that there are 4 new ones that are already lining up to enter to operate in the Colombian market. The financing companies would be: Mercado Pago, an alliance between ScotiaBank and Enel, Ualá and one that will be processed by Banco Santander.
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