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
Colombia Monetary Policy
Central Bank keeps rates unchanged
June 30, 2012
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Colombia Monetary Policy Chart
Note: Central Bank policy rate in %, eop.
Source: Colombia Central Bank.
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.