Colombia Monetary Policy


Central Bank keeps rates unchanged

At its latest monetary policy meeting on 29 June, the Central Bank (BanRep) left the reference interest rate unchanged at 5.25%, in a move expected by the market. The decision marks the fourth consecutive month in which the Bank remains on hold, following on two 25-basis point rate hikes implemented in January and February. According to the Bank, the world economy slowed down in the second quarter, as developments in Europe have affected the global economy through the trade and financial channels, as well as through a loss of confidence. On the domestic side, economic growth has been lower than expected in the first half of the year. Regarding price developments, the Central Bank stated that inflation in May remained broadly stable and that inflation expectations remain slightly above 3.0%. Monetary authorities added that the level of credit is moderating but remains high. BanRep projects economic growth to range between 4.0% and 6.0% this year. That said, Central Bank President Dario Uribe recently stated that the Bank will


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Colombia Monetary Policy Chart

Colombia Monetary Policy July 2012

Note: Central Bank policy rate in %, eop.
Source: Colombia Central Bank.

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