Main Reports NEW

The Colombian real estate market is experiencing a recovery in demand that contrasts with lagging supply, amid tighter financial conditions and localized risks to the sector's stability. In 2025, the Colombian economy grew by 2.6%, while the construction sector’s GDP contracted by 2.8% year-on…

This Special Financial Stability Report updates and expands the analysis of the performance of the loan portfolio and credit risk of credit institutions presented in the…

Exposure of financial intermediaries to an environment of tighter local financial conditions:

This Box quantifies the potential effects of a real increase in the minimum wage on a set of macroeconomic variables when the increment exceeds the sum of inflation and labor productivity growth by 17.2 percentage points (pp), as the one established for 2026. The analysis is conducted by…

Banco de la República, the Central Bank of Colombia, continuously reviews and updates the tools used for macroeconomic forecasting and monetary policy analysis. These tools include macroeconomic models, which enable the collective analysis of inflation and economic growth dynamics in the medium…

In 2025, inflation stopped declining and remained above the 3% target. It is expected to rise to 6.3% in 2026 and then fall to 3.7% by December 2027, within a context of excess demand, solid economic growth, high employment levels, and increased labor costs in 2026.

The management of foreign reserves follows two investment styles: passive and active. The objective of the former is to replicate, as closely as possible, the risk characteristics of a benchmark index while aiming to generate positive returns and minimize transaction costs. The latter allows…

Banco de la República, in fulfillment of its constitutional mandate to manage foreign reserves, conducts this activity in accordance with the criteria of safety, liquidity, and return established by Law 31 of 1992. This box aims to explain liquidity risk and its management in foreign reserves.…

The management of foreign reserves has evolved with the objective of ensuring safety, liquidity, and return. Safety requires effective management of investment-related risks, while liquidity refers to the ability to convert assets into cash quickly and at low cost. In turn, return refers to the…

The continuous monitoring of advanced economies is necessary for the International Investments Department (DII for the acronym in Spanish), as their developments affect financial markets and, consequently, the returns of the foreign reserve portfolio. This monitoring requires tools capable of…

Following the recent increase in geopolitical events that have affected the performance of assets traded in capital markets, the International Investments Department (DII for the acronym in Spanish) decided to establish the Geopolitical Monitoring Group (GSG for the acronym in Spanish) in 2023,…

One of the most relevant processes carried out by the International Investments Department (DII for the acronym in Spanish) is the strategic allocation of the foreign reserve assets. To conduct this process,

Practices aimed at promoting responsible and sustainable investment have continued to gain acceptance among investors due to their impact on the security and soundness of companies, as well as on the real and financial economy. According to the Principles for Responsible Investment (PRI),…

The presence of Colombian banks in Central America has been significant in recent decades. Exposure to the regions where Colombian banks operate can be classified as direct or indirect. Direct exposure refers to the relationship that Colombian banks keep with their subsidiaries,…

This Special Financial Stability Report updates and expands the analysis of the performance of the loan portfolio and credit risk of credit institutions presented in the…

The presence of Colombian banks in Central America has been significant in recent decades. Exposure to the regions where Colombian banks operate can be classified as direct or indirect. Direct exposure refers to the relationship that Colombian banks keep with their subsidiaries, whose results…

Between March and September 2025, global financial markets showed signs of recovery. However, uncertainty persists due to high global debt, trade tensions, and geopolitical conflicts.

Macroeconomic imbalances are understood as the deviations of key variables from their long-term equilibrium values. These imbalances can accumulate over time, often during economic boom periods, increasing an economy’s vulnerability to adverse shocks and preface economic contractions and…