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LatinNews Regional Monitor: Andean Group - 31 October 2018

In brief: Colombia

* Colombia’s finance ministry (Minhacienda) has announced the creation of a new government mission focused on developing capital markets in the country, to be headed by Roberto Rigobón, economist and professor at the Massachusetts Institute of Technology (MIT). The aim of the new mission is to offer recommendations on how to strengthen capital markets, following on from a similar mission which was formed in 1996 but later disbanded. In that year capital markets made up only 17% of Colombia’s GDP, a figure that increased to 37% in 2016. Despite these results, Minhacienda says that further development of the local capital market is needed. Minhacienda’s deputy minister for finance and public credit, Luis Alberto Rodríguez Ospino, said that capital markets aren’t as strong as they should be in an economy the size of Colombia’s. The mission aims to change that by bringing together economists, central bank directors, the president of Colombia’s stock exchange (BVC), stock market regulators, and a representative of British investment management firm Ashmore.  

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