The Board of Directors of the Banco de la Republica has unanimously decided to keep the monetary policy rate unchanged at 1.75%

Learn about the aspects considered by the Board of Directors at their November meeting.

During today’s meeting, the Board of Directors of the Banco de la Republica unanimously decided to hold the policy rate at 1.75%. This decision was made on the basis of the following considerations:

  • Inflation in October stood at 1.75% and expectations for 2021-2023 are anchored at around 3%.
  • The most recent indicators of economic growth confirm the predicted recovery rate for activities, and this development is expected to continue in 2021.
  • Although the labor market continues to improve, it reflects severe structural problems.
  • The loan portfolio and interest rates continue to respond to monetary policy stimuli.
  • External financial conditions remain favorable for financing the Colombian economy. 

Under these conditions and considering the risk balance, the Board unanimously decided to keep the benchmark rate at 1.75%.

Rueda de prensa de #JuntaBanrep - 27 de noviembre de 2020 from Banco de la República - Colombia on Vimeo.

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