Assuming the position of Finance and Public Credit, Bonilla leaves his position as President of Findeter
After President Gustavo Petro requested the resignation of the entire cabinet last night, economist Ricardo Bonilla, who currently served as Findeter’s president, will now serve as the country’s Minister of Finance and Public Credit.
His name was mentioned during the 2022 electoral campaign for that position, but proceedings against him by the Comptroller’s Office and the Attorney General’s Office disqualified him. This is how the Attorney General’s Office had disqualified him from holding public office until 2026, due to the alleged embezzlement that he left in the country’s capital when he served as Secretary of the Treasury during the Petro mayor’s office.
Today, Tuesday, the market was attentive to the political decisions and the announcements from the Casa de Nariño, which could be reflected in the dollar exchange rate that closed at $4,552.64 on average, with an increase of $66 against the TRM. which for today was at $4,486.6.
According to Credicorp Capital’s chief economist, Daniel Velandia, Bonilla has actively participated in numerous economic discussions in the country. In general, it could be argued that the market believes that Bonilla does not take an extreme position with respect to his ideas.
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In fact, from the market discussions with him and his economic team during the campaign that we at Credicorp Capital had the opportunity to participate in, it was clear that his views were well founded. That said, it goes without saying that his opening remarks on the most sensitive economic issues will be crucial in building market confidence, even more so considering that Bonilla does not enjoy the same level of international recognition from foreign investors.
Undoubtedly, they will be very attentive to the statements of the new Finance Minister, after former Minister Ocampo had just carried out a round with the risk rating agencies, according to Velandia’s analysis.
Ricardo Bonilla replaces José Antonio Ocampo in the Treasury portfolio, who had taken office last August, getting Congress to approve a tax reform at the 2022 auction.