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 29 de enero de 2021
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 January 29, 20210
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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. |
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Minutes of the Meeting of the Board of Directors on 27 March 2020
The ordinary meeting of the Board of Directors of Banco de la República took place on 27 March 2020 in Bogotá D.C. In attendance were the Minister of Finance and Public Credit, Alberto Carrasquilla Barrera; the Governor of the Central Bank, Juan José Echavarría Soto; and Board Members Gerardo Hernández Correa, Ana Fernanda Maiguashca Olano, Carolina Soto Losada, Roberto Steiner Sampedro, and Arturo José Galindo Andrade.
The main monetary policy discussions considered by the Board are summarized as follows.
1. DISCUSSION AND POLICY OPTIONS
The members of the Board agreed that:
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- This is an extraordinary and unprecedented situation of alteration of economic conditions whose analysis requires additional elements to those usually considered for monetary policy design.
- At the time the crisis broke out, economic activity in Colombia was more dynamic than in other countries, the output gap was closing, inflation was above the target, and inflation expectations were reasonably well anchored.
- In addition to the coronavirus shock, which directly affects the domestic economic activity and contracts international trade, our country is being severely affected by the collapse in the price of oil.
The members of the Board stressed the importance of complementing the measures of liquidity provision already adopted with measures to help alleviate the financial burden of households and enterprises, both for new credit and for part of the outstanding balance. This seeks to lay the groundwork so that the economy may return to a healthy path of expansion once the health emergency is over.
The Board of Directors unanimously decided to reduce the benchmark interest rate by half a percentage point, placing it at 3.75%.
This decision accompanies the measures that the Central Bank has been taking on a priority basis several weeks ago to ensure wide and timely provision of liquidity in both pesos and US dollars, as required under current conditions.
The Board will continue to monitor the situation permanently and will make the decisions necessary to ensure the proper operation of the economy.
2. POLICY DECISION
The Board of Directors unanimously decided to reduce Banco de la República's benchmark interest rate by half a percentage point, placing it at 3.75%.
Publication date:
30/03/2020Hora:
16:37