Colombia central bank board elects Leonardo Villar as new chief

Colombia’s central bank board named International Monetary Fund official Leonardo Villar as its new chief, to take up the post from Jan. 3. Villar, who served on the bank’s board between 1997 and 2009, is a former Colombian deputy finance minister. He replaces Juan Jose Echavarria, who did not seek re-election to a second four-year term. His appointment comes as the board is holding is holding its benchmark interest rate at a historic low of 1.75%, in a bid to help the economy after months of lockdown this year to stem the COVID-19 pandemic.

Source: Reuters