The Central Bank´s New Hawk

COLOMBIA - Report 21 Feb 2017 by Veronica Navas and Mauricio Santa Maria

President Santos appointed Gerardo Hernandez today as Co-Director of the Central Bank. Mr. Hernandez, current Financial Superintendent, will be replacing Gustavo Cano, who recently left, after completing 12 years on the board. If Mr. Hernandez is able to assume his post before the end of the week, this appointment could reduce the uncertainty regarding the dynamics for this week’s Board meeting, as a tie is expected between the six remaining members. However, it is very unusual for a new member to be able to assume his position so quickly.

Mr. Hernandez is close to both President Santos and Minister Cárdenas, and played a key role in the approval of the tax reform. He is a reputable financial lawyer with ample experience in Central Banking and monetary policy; before becoming financial superintendent he was Executive Director of the Central Bank and acted as secretary to the Board.

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