At its 16 December monetary policy meeting, the Central Bank left its reference interest rate unchanged at 4.75%, as had been expected by the market. The Central Bank cited a bleak outlook for the Eurozone, which has probably fallen into recession in the last quarter of 2011 and will therefore dampen global economic growth, as the main driving factor behind its decision to maintain rates. Moreover, between January and November, accumulated inflation was 3.3%, which is below the upper limit of the Central bank's target of 3% with a tolerance margin of 1.0 percentage points. In addition, the Central Bank affirmed that the domestic economy remains buoyant and that bank credit seems to be accelerating. The Central Bank left its inflation target for 2012 unchanged at 3%, with a tolerance margin of 1.0 percentage points.
Colombia Monetary Policy
Central Bank keeps interest rates unchanged due to faltering growth prospects in Europe
December 16, 2011
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Colombia Economic News
October 7, 2016
In what was a narrow and shocking result, Colombians rejected the peace agreement between the government and the FARC at the 2 October referendum.
September 30, 2016
In August, exports grew 7.0% over the same month last year, which sharply contrasted the 27.3% plunge recorded in July.
September 30, 2016
The seven-member board of the Central Bank (BanRep) unanimously decided to keep the reference interest rate unchanged at 7.75% at its 30 September monetary policy meeting.
September 16, 2016
Industrial production unexpectedly shrank 6.2% annually in July, which contrasted the 6.7% increase seen in June.
September 5, 2016
The Colombian economy continues to adjust to low oil prices two years after they first started to collapse.