At its latest monetary policy meeting on 28 May, the Central Bank (BanRep) left the reference interest rate unchanged at 5.25%, in a move widely expected by the market. The decision marks the third consecutive month in which the Bank remains on hold, following on two 25-basis point rate hikes implemented in January and February. The Central Bank stated that inflation in April was lower than expected, adding that while inflation expectations have stepped up slightly, inflationary risks remain moderate. Monetary authorities explained that the level of consumer credit remains high but its quality has experienced some deterioration. The Bank maintained its growth forecast of between 4.0% and 6.0% for this year, driven by strong domestic demand, but explained that both consumer spending and investment are expected to decelerate somewhat going forward. Monetary authorities added that recession risks in Europe have increased, causing a heightened uncertainty in the country
Colombia Monetary Policy
Central Bank remains on hold as expected
May 29, 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.