Monetary politics
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Tasa actual: 1,75%
Vigente a partir del 28 de septiembre de 2020
Minutas de la reunión de la Junta Directiva del Banco de la República del 18 de diciembre de 2020
Monetary Policy
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Current rate: 1.75%
Effective as of September 28, 2020
Banco de la República`s board votes 5-2 to hold interest rates at 1.75%
Minutes for Banco de la República's Board of Directors Meeting on December 18, 2020
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In the working-paper “Política fiscal subnacional y ciclos económicos en Colombia” (Sub-national Fiscal Policy and Economic Cycles in Colombia) the authors found that current and capital expenditure in municipalities, as well as current expenditure in departments, exhibited a positive relation with economic cycles. As for municipalities, proprietary resources (taxed and non-taxed) are the source of income with the strongest ties to the economic cycle in the studied period, while royalties are so in departments.” |
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| El Borrador de Economía ´Migración y política monetaria: un análisis para una economía pequeña y abierta’ brinda una herramienta cuantitativa para analizar los posibles efectos de un choque migratorio sobre las decisiones de política monetaria en una economía pequeña y abierta. Para ello, el análisis se enfoca en los efectos de la migración sobre la inflación y las desviaciones de la producción respecto a un nivel de equilibrio (con perfecto ajuste de precios). |
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The Board of Directors of the Banco de la Republica has unanimously decided to keep the monetary policy rate unchanged at 1.75%
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%.
[Video] Press Conference #Banrep November
Publication date:
27/11/2020Hora:
13:05