Interest Rate in Colombia
Colombia - Interest Rate
Central Bank keeps rate unaltered in December
Colombia’s Central Bank (BanRep) kept the benchmark interest rate on hold at 4.25% at its latest Board of Directors meeting on 20 December. The decision was unanimous and widely expected by the markets. The rate has thus remained at the same level since 27 April 2018 when it was cut by 25 basis points.
The Bank’s decision to stay put was largely driven by within-target inflation and robust growth dynamics. Although supply shocks have kept price pressures close to the ceiling of the Bank’s target range of 3.0% plus or minus 1.0 percentage point throughout the year, the Bank considers these to be transitory and sees inflation continuing to converge to the Bank’s target of 3.0%. Meanwhile, the Bank kept its growth projection for 2019 at 3.2% amid solid economic activity, which further supported the decision to keep the rate unchanged.
Looking ahead, the Bank maintained its patient stance and signaled that monetary policy ought to remain stable for a longer period of time. However, the Bank will closely monitor inflation and economic activity and will be alert to developments related to the balance of payments and the external context. Thus, monetary policy “will depend on the new information available”.
The next monetary policy meeting will be held on 31 January.
LatinFocus Consensus Forecast panelists expect the policy rate to end 2020 at 4.41% and 2021 at 4.61%.
Colombia - Interest Rate Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Policy Interest Rate (%) | 3.25 | 4.50 | 5.75 | 7.50 | 4.75 |
Colombia Interest Rate Chart
Source: Colombia Central Bank.
Colombia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 6.08 | 0.0 % | Dec 30 |
| Exchange Rate | 3,287 | -0.17 % | Jan 01 |
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Economic News
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Colombia: Industrial production contracts in November
January 17, 2020
Industrial production fell 1.5% on an annual basis in November, contrasting October’s 2.2% expansion (previously reported: +2.1% year-on-year) and marking the lowest reading since March 2018 according to the Statistical Institute (DANE).
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Colombia: Consumers turn less pessimistic in December
January 16, 2020
Consumers turned less pessimistic in December, with the Fedesarrollo consumer confidence index rising to minus 9.5 from minus 14.4 in November and marking the best reading in five months.
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Colombia: Inflation inches down in December
January 4, 2020
Consumer prices rose 0.26% over the previous month in December, accelerating from November’s 0.10% increase.
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Colombia: Exports tumble at sharpest pace in nearly a year in November
January 3, 2020
Exports fell 13.6% over the same month of 2018 in November, following the 11.9% year-on-year drop in October and marking the sharpest fall in nearly a year.
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Colombia: Manufacturing PMI ticks down in December
January 2, 2020
Business conditions in Colombia’s manufacturing sector continued to improve in December, albeit to a lesser extent than in November.
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