BOGOTA, Feb 21, Colombian President Juan Manuel
Santos on Tuesday named financial regulator Gerardo Hernandez to
the central bank board, replacing one of its seven members.
Hernandez will help the board at its next policy meeting on
Friday decide whether to change the key lending rate from its
current 7.5 percent as the bank seeks to bolster sluggish
economic growth while tackling still-high inflation.
He replaces the outgoing Carlos Gustavo Cano, whose term is
ending after 12 years.
Hernandez, who is currently Colombia's Financial
Superintendent, previously served at the central bank as
executive manager and secretary of its board.
The market is expecting the bank to hold the benchmark rate
for a second month to try and bring down inflation, though the
board has been split on its recent decisions.
Hernandez is a lawyer and has postgraduate studies in
economics at New York's New School for Social Research.
Santos is expected to name another board member in the
"There's another change and the government is this and will
make an announcement soon," Finance Minister Mauricio Cardenas
The board also changed its chief last month, naming
economist Juan Jose Echavarria to replace Jose Dario Uribe,
whose term expired.
(Reporting by Helen Murphy and Nelson Bocanegra Editing by W