Money in Colombia

Colombia Money | Economic News & Forecasts

Colombia - Money

Central Bank stays put at its first meeting of the year

Colombia’s Central Bank (BanRep) left the benchmark interest rate unchanged at 4.25% at its latest Board of Directors meeting on 31 January. The decision was unanimous and in line with market expectations. The rate has thus remained at the same level since 27 April 2018 when it was cut by 25 basis points.

The decision to hold rates came amid upbeat domestic growth dynamics and within-target inflation. In December, inflation inched down to 3.8% (November: 3.9%) and is expected to continue to converge to the Bank’s target of 3.0% on the gradual fading effects of supply shocks. Meanwhile, the Bank maintained its growth projections for 2019 and 2020 at 3.2% and 3.3%, respectively.

Looking ahead, the Bank stated it will closely monitor future inflation and economic activity. Moreover, it will be alert to developments related to the balance of payments and the external context, in particular to the economic effects of the coronavirus outbreak. Thus, monetary policy “will continue to depend on the new information available”.

The next monetary policy meeting will be held on 27 March.

LatinFocus Consensus Forecast panelists project the policy rate to end 2020 at 4.33% and 2021 at 4.65%.

Colombia - Money Data

2014   2015   2016   2017   2018  
Money (annual variation in %)9.1  12.5  6.9  7.1  5.0  

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Colombia Money Chart

Colombia Money
Note: Annual variation of M2 in %.
Source: Colombia Central Bank.

Colombia Facts

Value Change Date
Bond Yield6.080.0 %Dec 30
Exchange Rate3,287-0.17 %Jan 01

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