The general manager of Banco de la República, Juan José Echavarría, said that the unemployment It exceeded 20% during the most critical months of the coronavirus pandemic and estimated that 2020 will end with an unemployment rate of 17%.
“They are terrifying figures”, Affirmed the manager.
When delivering a balance on the measures adopted to face the economic crisis, derived from COVID-19, the manager of the Issuer explained that the collapse of the GDP will affect households with higher levels of unemployment and with the reduction of their income.
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In the same report, Echavarría left open the possibility of granting a loan to the government, to face the pandemic.
“I have not closed the door”Said the Issuer’s manager, recalling that it is legally possible to adopt this measure.
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According to Article 377 of the Political Constitution: «Financing operations in favor of the State will require the unanimous approval of the Board of Directors.«.
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Finally, the Issuer reported that since the pandemic took measures that have provided liquidity of 40 billion pesos to the financial system.