The Colombian Central Bank registered losses of $141.74 million for the fiscal year 2010, El Espectador reported Thursday.
This came as unwelcome news to the government, which needs all of the banking institutions to contribute finances after a year in which a prolonged season of heavy rains and flooding has strained resources.
Congress will now likely summon Bank Director Jose Dario Uribe and members of the Director’s Board to explain the reasons why this result was achieved in contrast to the fiscal year of 2009 which yielded profits of $81.1 million.
The negative results of the past year will also strengthen the criticisms from some members of Congress, in particular Senator Camilo Sanchez, regarding the management of the Bank in respect to economic growth and the generation of employment.