Colombia appoints Arturo Galindo as central bank board member

President Ivan Duque on Friday appointed Arturo Galindo as a new member of the board of Colombia's central bank, replacing Jose Antonio Ocampo, who resigned last week. Announcing the appointment on Twitter, Duque described Galindo as a "prestigious economist" who holds more than 25 years of experience.

Galindo will join the seven-member board of Colombia's central bank after a stint of more than 11 years at the Inter-American Development Bank, where he is chief of the strategic planning and monitoring division. After graduating from the Colombia's University of Los Andes, Galindo went gained a Ph.D. in economics from the University of Illinois Urbana-Champaign in the United States.

Galindo said the appointment was an enormous honor. "I assume this challenge with a huge commitment joining a wonderful team," he said on Twitter.

Colombia's central bank has kept its benchmark interest rate at 4.25% since April 2018. The majority of the market expects the bank to extend this decision throughout 2020.