Servicios
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The inflation target is the quantitative objective set by Banco de la República to fulfill its constitutional mandate of preserving the purchasing power of money through low and stable inflation. The Bank sets a target to keep inflation close to that level and to guide its decisions regarding the…
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Colombia’s inflation target is 3.0%. It has been set at this level since 2009 and it is the same in countries such as Chile, Mexico, Brazil, Costa Rica, China, Hungary, the Philippines, and Georgia. It is also very close to the targets of Australia, Indonesia, Iceland, Malaysia, Poland, and Romania…
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The inflation target is the quantitative objective set by Banco de la República to comply with the constitutional mandate of preserving the purchasing power of money through low and stable inflation. When the target is credible, it becomes an inflation anchor around which inflation expectations…
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As of December 31, 2025, net foreign reserves amounted to USD 66.3 billion. Banco de la República will transfer to the National Government in March approximately COP 13.9 trillion pesos in profits generated during its operations in 2025.
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When inflation is close to the target and demand is expected to exceed potential output, in turn generating upward price pressures, Banco de la República anticipates the situation by increasing the interest rate to avoid the economy’s overheating, circumvent most inflationary pressures, and…
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The policy interest rate is Banco de la República’s main monetary policy instrument. The Bank raises, lowers, or maintains it with the aim of achieving the annual inflation target, which, in Colombia, has been set at 3.0% since 2010.
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It is the general framework under which monetary policy operates in Colombia. Banco de la República makes interest rate decisions with the intent of bringing inflation to the target and contributing to maintaining economic activity (the economy’s output) close to its potential level (the level of…
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What measures did the Monetary Board take to address these problems, and what effects did they have?Beginning in 1978, the Monetary Board created mandatory investments that required financial institutions to allocate part of the resources they raised (such as those obtained through certificates of deposit (CDs) to financing the development funds. Although this reduced the inflationary impact, it…
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We study the existence and international migration of housing market bubbles, using quarterly information of twenty OECD countries for the period comprised between 1970 and 2015. We find that housing bubbles are present in all the countries included in our sample. Multiple bubbles are found in all…
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Central banks generally target multiple objectives while having at least the same number of monetary instruments. However, some instruments can be inadvertently collinear, leading to indeterminacy and identification failures. Paradoxically, most empirical studies have shied away from this…
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Banco de la República began to publish inflation targets with the enactment of Law 31 of 1992. Although inflation targets were not met during the first few years, they did guide annual inflation towards a downward trajectory. Since 1999, the targets have been met more consistently and, despite the…
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The profits are the product of returns on foreign reserves, among other sources, including returns on public securities held by the Bank and interest that the Bank charges financial intermediaries for liquidity supply operations. The management of foreign reserves consists of investing them…
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The Board of Directors has seven members: the Minister of Finance and Public Credit, the Governor of the Central Bank, and five full-time Board Members, who exclusively represent the general interest of the Nation [See: Political Constitution, Art. 372; Law 31 of 1992, Art.28; and Decree 2520 of…
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The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.
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The balance sheet is a snapshot that portraits the financial position of a firm at a specific point of time. Under the reasonable assumption that the financial position of a firm is unique and representative, we use a basic artificial neural network pattern recognition method on Colombian banks’…
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Foreign reserves play a fundamental role in the economy, and their main function is to protect the country when difficulties arise in accessing the foreign currency Colombia needs to make payments abroad. They function as a backup, allowing Colombia to meet its obligations (for example, imports or…
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The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors.
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Is the failure of natural resource abundance to achieve better economic outcomes due to limited nancial development or scal policy short-termism? I answer this question in a precautionary savings model where both resource revenues and asset returns are uncertain. Calibrating for Colombia, I nd…
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Because the gap between observed inflation and the target is higher in Colombia than in other countries in the region.Because the gap between inflation expectations and the target is higher in Colombia than in other countries in the region.Once inflation gets to a low and stable level, the policy…
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Why justice is unresponsive to crime: Why justice is un responsive to crime: The case of cocine in Colombia
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Imagine a country whose inflation rate has recently surpassed 300% a year, and during some months even surpassed the 50% level that was estabilished as a benchmark for the definition of Phillip Cagan's classic study on the subject. This rapid inflation led to a devaluation of the local currency of…
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Because at that time, the prevailing view was that the State should actively intervene to encourage economic development. From this perspective—before fully understanding the costs and risks of such strategies—central banks were expected to direct savings toward strategic sectors through loans…
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On October 23, the awards ceremony for the 15th National Academic Economics Competition (CANE in Spanish) took place. This academic initiative, organized by the Student Council of the School of Economics at Universidad del Rosario, aims to promote academic exchange and enhance economic knowledge…
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By the end of the 1990s, inefficiency, excess supply and low service quality characterized the mass transit system of Bogotá. The average travel time to work was one hour and ten minutes, obsolete buses provided public transport, traffic generated 70 percent of air pollution and there were frequent…
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