Colombia: Statement after concluding the Article IV Consultation for 2021
Faced by a pandemic that led to the largest recession on record—with vulnerable groups particularly affected—Colombia used the flexibility afforded by its policy framework to deliver a coordinated and timely response. The economy is recovering gradually, with sporadic momentum, but growth prospects remain at risk while COVID-19 and high uncertainty lingers. In the near term, policies should focus on defeating the pandemic and cementing the recovery with the monetary and fiscal policy space available. At the same time, reforms should be passed to secure sound public finances over the medium term. Tackling long-standing structural challenges to raise inclusive growth and external competitiveness remain crucial. +info
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Colombia: Declaración al Término de la Misión sobre la Consulta del Artículo IV de 2021
En medio de una pandemia que condujo a la mayor recesión que se haya registrado—y que afectó particularmente a grupos vulnerables—Colombia hizo uso de la flexibilidad que le permite su marco de política para dar una respuesta coordinada y oportuna. La economía se está recuperando gradualmente con un impulso esporádico, aunque las perspectivas de crecimiento seguirán en riesgo mientras persistan el COVID-19 y un alto nivel de incertidumbre. En el corto plazo, las políticas deberán enfocarse en derrotar la pandemia y consolidar la recuperación dentro del espacio disponible para la política monetaria y fiscal. Conozca esta y otras conclusiones de la visita oficial (virtual) del equipo técnico del Fondo Monetario Internacional a Colombia.
The Luis Ángel Arango library: The BLAA, as it is known colloquially, is one of the most visited libraries in the world...
The Gold Museum in Bogotá holds the world's largest pre-Hispanic gold collection. It is a founding place for Colombian cultural identity...
Art Museums: After more than six decades of rigorous and constant collection, Banco de la República holds one of the most significant art collections in the country...
Musical activity at Banco de la República, whose action center is the emblematic Concert Hall at the Luis Ángel Arango Library, is committed to providing quality musical programming throughout all its cultural centers...
La Biblioteca Luis Ángel Arango: la BLAA, como coloquialmente se le conoce, es una de las bibliotecas más visitadas del mundo...
El Museo del Oro en Bogotá es el museo con la colección de oro prehispánico más grande del mundo y un lugar fundacional para la identidad cultural colombiana...
Museos de arte: después de más de seis décadas de coleccionismo riguroso y constante, el Banco de la República conserva una de las colecciones de arte más significativas del país...
La actividad musical del Banco de la República, que tiene su centro de acción en la emblemática Sala de Conciertos de la Biblioteca Luis Ángel Arango...
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The Board of Directors of Banco de la República unanimously decided to maintain the Benchmark Interest Rate at 4.25%
In this decision, the Board took into consideration primarily the following information:
In December, annual inflation (3.8%) reduced slightly. The supply shocks that have affected inflation are expected to continue fading, and inflation is expected to resume its convergence to the target, as market expectations are reflecting. Core inflation indicators are close to 3.0%.
With the new information on economic activity, the Central Bank's technical staff maintained its estimate for economic growth in 2019 at 3.2%, and its forecast for 2020 at 3.3%.
Global growth prospects are moderate; in the United States, the Fed maintained its reference interest rate unaltered.
The projection of the current account deficit for 2019 remains above 4.0% of GDP, and continues to be funded mostly by foreign direct investment.
Based on this information, the Board considered the following factors for its decision:
The temporary deviations of inflation from the target, uncertainty about the persistence of depreciation of the peso, and its degree of pass-through to domestic prices.
The size of the spare capacity and the pace at which it will reduce.
The effects of changing external conditions on the Colombian economy.
In this environment, upon assessing the situation of the economy and the risk balance, the Board unanimously decided to maintain the benchmark interest rate unaltered at 4.25%
The Board will continue to carefully monitor inflation and the forecasts of economic activity, as well as the evolution of the balance of payments and the external situation, including, particularly, the economic effects of the recent declaration of international health emergency. Finally, the Board reiterates that monetary policy will continue to depend on the new information available.
Press Conference
Watch the video of the press conference delivered on Friday, 31 January after the last meeting of the Board of Directors of Banco de la República in 2020. The benchmark interest rate completes 21 months at 4.25%.
The Governor of the Central Bank explains the Decisions reached by the Board of Directors in its January Meeting
Juan Jose Echavarría, Governor of Banco de la República, explains in detail the reasons that have led the Board to maintain the benchmark interest rate at 4.25% since April 2018.