Change of Frequency of Monetary Policy Meetings

The Board of Directors of Banco de la República informs that it will continue to meet 12 times a year, but that, in principle, decisions regarding the benchmark interest rate will only be made in 8 of them. The Board will continue to consider other topics of its competence in all of the meetings.

The decision meetings on the benchmark interest rate will be held in the months of January, March, April, June, July, September, October and December of each year. In the selection of these months, the calendar of publication of the main macroeconomic variables of the country was taken into account. The Inflation Report prepared by the Central Bank's technical staff will continue to be published quarterly in February, May, August and November.

This change follows the best international practices. Its purpose is to improve the preparation process that serves as a support in making monetary policy decisions, increasing the amount of information and time available for the analysis.

This change does not modify the authority of the Board to make policy decisions in the other 4 ordinary meetings. The Board may also call extraordinary policy meetings when, due to an exceptional situation, it considers it necessary.

Bogotá,