Uribe To Serve Four More Years

Colombian president, Alvaro Uribe, made history Sunday by becoming the first Colombian leader to be re-elected to serve two consecutive terms. Uribe was returned with 62% of the votes, beating nearest rival, Carlos Gaviria, who gained the backing of only 22% of Colombians. The president earned widespread voter approval as a result of his hard line on security issues and his successful management of the country’s economy. He persuaded Congress to make constitutional amendments to allow him to stand for re-election, arguing that he needed more time to complete his work. Meanwhile, in line with many other markets in the region, Colombian stocks bounced back after the dramatic slide of recent weeks. The benchmark stock index, the IGBC, rose 8% on Friday with a record number of transactions for the month. And the country’s Central Bank surprised economists by keeping interest rates unchanged; the benchmark overnight lending rate remains at 6.25%, confounding expectations of a 25 basis points rise.