​Echavarría cleared for another 4-year term at the Central Bank

COLOMBIA - In Brief 30 Sep 2020 by Andrés Escobar Arango
Even though Law 1821 states that 70 years is the mandatory retirement age for public (unelected) officials, the Constitutional Court ruled today that this restriction does not apply to the members of the Board of the Central Bank, including the Governor. The ruling was based on the fact that Banco de la República is an independent institution with an autonomous legal regime.This means that Juan José Echavarría, current Governor of the Central Bank until next January, who turns 70 in December of next year, can now be reelected by the Board for a second 4-year term.There is a widespread rumor that Minister of Finance Alberto Carrasquilla wants Echavarría’s job. If the rumors are true, the Court’s decision has suddenly made the former's chances of becoming a central banker much slimmer.

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