The year 2025 will be a key for the payments industry with the launch of Bre-B, the new interoperable instant payments system developed by Banco de la República in collaboration with the fnancial industry since 2022. This system will allow real-time transfers with crediting of funds across all…
Bogotá, Colombia
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- Publicación |Macroeconomic environmentThe International Monetary Fund (IMF) and the World Bank estimate that the global economy grew by 3.2% in 2024, a rate similar to that observed in 2023 (3.3%). This occurred in a context of moderating inflation and declining monetary policy interest rates in most countries.…
- Publicación |Abstract
- Publicación |The financial soundness of Central Banks (CBs) may be a necessary condition for achieving their objectives. Banco de la República (the Central Bank of Colombia) has a legal framework that grants it administrative, equity, and technical autonomy, as well as mechanisms that help preserve its capital…
- Publicación |Foreword
Gender equality implies that men and women exercise the same rights and have equal opportunities in health, education, employment, and, in general, in all areas of life. Gender inequalities often affect women and reflect a failure to uphold their human rights, which, in turn, hinders…
- Publicación |"This document illustrates how changes in the risk composition of the portfolio amplified the transmission of monetary policy to average loan interest rates throughout the credit cycle and demonstrates the value of disaggregated data for understanding the macro-financial conditions of the economy."
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The Government Bond Index - Emerging Markets (GBI-EM), prepared by JP Morgan, is the leading benchmark for global fixed income markets in local currency in emerging economies. Colombia is currently part of the group of 19 issuing countries whose bonds are included in the basket of the index.…
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TES Non-Delivery Forward (NDF) is a derivative instrument by which the parties agree to buy or sell Colombian public debt securities denominated in local currency (TES) at a future date, at a price agreed on the contract negotiation date. Generally, these contracts are negotiated between a local…
- Publicación |Global growth expectations were revised downward, particularly for the US and its major trading partners, due to a deterioration in the external environment and increasing trade tensions.The adjustment in projections for developed economies reflects the uncertainty generated from trade policy…
- Publicación |The increase in the cost of training apprentices from 75% to 100% of the national minimum wage in 2014 caused significant cuts in demand. The estimated effect ranges between -0.092 and -0.104 apprentices per establishment, which translates to demand cuts between 74.4% and 83.2%. The implicit…
- Publicación |AbstractWe examine the optimal design of central bank digital currencies (CBDCs) by focusing on two key features: the anonymity-security trade-off and the remuneration (i.e., interest rate). Building on the extended model by Agur et al. (2022), which accounts for potential negative externalities…
- Publicación |The pass-through of the VAT rate change is much less than proportional and highly heterogeneous.
- Publicación |Rising Corporate Delinquency
Delinquency in the commercial loan portfolio has increased, particularly in the commerce sector, due to the post-pandemic economic adjustment. An increase in credit demand could help mitigate this vulnerability.
- Publicación |Se evidencia que los bancos con alta exposición a inversionistas pasivos muestran una mayor sensibilidad a factores globales y tienden a ajustar más sus balances cuando se acercan a límites regulatorios de exposición extranjera.
- Publicación |"Although these frictions affect various credit markets, they are especially relevant in rural areas of developing countries due to transportation difficulties and lack of formal documentation.”
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Inflation has fallen significantly, from 9.3% in 2023 to 5.2% in 2024. During this year and into the next, inflation would continue to decline towards the inflation target.
- Publicación |1. Overall Results for the Balance of Payments
During the fourth quarter of 2024, Colombia’s current account of the balance of payments registered a deficit of USD 2,240 million (m), equivalent to 2.1% of quarterly gross domestic product (GDP). In turn, the financial account, including the…
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Several studies have pointed to the influence of the minimum legal wage (SM for its Spanish acronym) on the labor market and the observed distribution of wages and prices in the economy, among other effects. In 2022, Banco de la República conducted a comprehensive study on the macroeconomic…
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Annual inflation is computed using the consumer price index (CPI), the twelve months included in this calculation are weighted equally. Consequently, price variations during the period analyzed may lead to an underestimation or overestimation of the signifcance of the information included in the…
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The activities and operations of an industrial company rely largely on energy sources such as electricity and gas, in addition to other elements, including raw materials and labor. Manufacturing operations are the primary consumer of multiple energy sources within the industry sector, whereas…
