Main Reports NEW

This special report analyzes the exposure and performance of credit risk among credit institutions (CIs) with the latest available information, aiming to continue monitoring the evolution of delinquency in detail. According to the analysis presented in this report and aligned with the adjustment…

This special report analyzes the dynamics of the real estate market and mortgage credit portfolio in Colombia for 2024, with the purpose of identifying potential vulnerability sources that could affect economic and financial stability. In particular, it studies the performance of variables…

This report analyzes several indicators to measure the concentration of credit and deposit markets in Colombia and in some peer jurisdictions (Mexico, Peru, and Chile). Additionally, recognizing that the relationship between concentration, competition, and market power is not direct, two…

As of September 2024, the likelihood of a reduction in the U.S. Federal Reserve policy rate has increased, raising the possibility that external financial conditions may loosen by the end of 2024.

Foreign investors made significant sales of their holdings of local public debt securities during 2023. Specifically, they sold COP 9.1 t in peso-denominated TES and COP 2.4 t in UVR-denominated TES respectively. This represented a 11.7% decrease in their balance in pesos…

Here you can find the statements, news and updates regarding eport of the Board of Directors to the Congress of Colombia available on the site

In compliance with Article 5 of Law 31 of 1992, the Board of Directors of Banco de la República (the Central Bank of Colombia) submits a report to the Congress of Colombia twice a year in which it reports on the performance of the economy and its outlook. This report is submitted twice a year,…

Los recuadros del Informe de la Junta Directiva al Congreso de la República, tratan temas autocontenidos que complementan el informe, en esta página podrá encontrar los archivos individuales desde 2018, previo a ello debe consultarlos dentro de los informes.

Monetary policy plays a fundamental role in the pursuit of economic stability and its effectiveness is closely linked to its credibility. In the context of monetary policy, credibility refers to the degree of confidence that economic agents have that the central bank will achieve its objectives…

During the second quarter, headline inflation remained stable, while core inflation continued to fall. Inflation would continue its measured downward path to meet its 3.0% target by the end of 2025.

After facing the adverse effects brought on by the COVID-19 pandemic, in 2021 and 2022 the Colombian economy grew at a remarkable pace, reflected in a widening of the current account  deficit to levels close to its historical maximums (-5.6% and  -6.1% of GDP, respectively). In…

After the 2008 fnancial crisis, the U.S. Federal Reserve (Fed) drove the benchmark interest rate to historically low levels that became more pronounced in the wake of the covid-19 pandemic. At the same time, starting in March 2020 several measures to provide the market with liquidity were…

The increasing digitization of fnancial services has increased the system’s exposure to cyber-attacks. This could compromise the security of the information, its operability and, therefore, its stability. The materialization of a cyber-risk event that affects the payment system could disrupt the…

During 2022, Colombian companies that resorted to international fnancing sources faced interest rate increases and a sharp depreciation of the peso against the dollar (21%). This may have important implications for the balance sheets of real sector companies with a negative exchange rate…

The analysis presented in this edition of the Report allows concluding that the Colombian financial system has ample liquidity and solvency levels which are sufficient to confront the occurrence of extreme and tail risk events.

International Macroeconomic Environment 

Annual inflation has been decreasing for a year and is projected to continue, with inflation at 5.5% in December and the 3% target to be reached in 2025.