Head of Colombian cbanks defends his policies

The managing director of the Central Bank of Colombia, Miguel Urrutia, has denied in an interview that the bank is responsible for Colombia's economic crisis and 20.5 per cent unemployment.

Urrutia said that the monetary and exchange policy had enabled the country to emerge successfully from the crisis of 1997, caused by the problems in Asia and Russia, so that: "Today the current account is balanced and the majority of economic variables are stable."

He added that more labour flexibility was

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