Servicios
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Candidates with a valid disability certificate who meet one of the following requirements: hold a technical qualification, have completed at least 50% of a technological programme, or have completed at least 30% of a professional undergraduate programme, in fields related to Administrative Sciences…
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Candidates ith a professional degree in Law and postgraduate studies (specialization or master’s degree) in Labor Law and Social Security or related fields.If you are a person with a disability and wish to participate, please inform our team so we can provide the necessary support.
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Public Accountant (CPA) required, with postgraduate studies in accounting or finance (IFRS/NIIF, investments or financial markets), and a minimum of three (3) years of experience in financial instruments, portfolio management, IFRS standards, and accounting processes.If you are a person with a…
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We are seeking a Deputy Director for the Internal Control Department, Bogotá – Apply by June 3, 2026Candidates must hold a professional degree in Public Accounting, Industrial Engineering, Business Administration, or Economics, with a postgraduate qualification in auditing, assurance and/or corporate internal control, risk management, or related fields.If you are a person with a disability and…
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Individuals with a degree in Medicine, with postgraduate studies in Occupational Medicine, Occupational Health or Occupational Safety and Health, and a valid OSH license. Experience in OSH management, occupational risks, SPAE, promotion and prevention, as well as in direction and leadership of work…
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Abstract
Colombia is particularly affected by the El Niño Southern Oscillation (ENSO) weather fluctuations. In this context, this study explores how the adverse weather events linked to ENSO affect the inflation expectations in Colombia and how to incorporate these second-round effects into a…
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Foreign reserves are the country’s holdings of strong foreign currencies (such as US dollars, euros, and others) that are managed by Banco de la República.
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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 Constitution eliminated the Bank’s role as a development bank and strengthened its function as a monetary authority. It established that the Bank cannot grant credit quotas or guarantees to private parties; that it may only finance the State with the unanimous approval of the Board of Directors…
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The interest rate on government bonds depends on the policy interest rate set by Banco de la República for short-term, risk-free operations, on the policy rate that bond investors expect in the future, and on the risk premium they require to cover the risks of long-term operations inherent to…
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This risk premium depends on several factors, one of which is the strength of the government’s finances. If investors perceive the government’s financial situation as solid, the risk premium will be lower; if, on the contrary, they perceive that the government’s debt and fiscal deficit are rising…
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An inflation-targeting framework means that Banco de la República makes decisions regarding the policy interest rate to ensure that inflation approaches the target and the economy operates at a sustainable pace over time.
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The historical data show that countries with more independent central banks have had lower inflation. Conversely, countries with more limited independence experienced high inflation, including hyperinflation rates exceeding 1000% per year.
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When inflation is high, money quickly loses its value; this means that a household can buy fewer basic goods such as food with the same amount of money. When inflation is both high and volatile, it becomes difficult to finance long-term projects, such as those required to expand companies’…
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The interest rate on government bonds and their risk premium component have risen, while the policy interest rate has decreased or remained unchanged. Given this, the recent increase in the 10-year government bond interest rate is related to the risk premium for the risk of these bonds, due to the…
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The CBI is an indicator used to measure a central bank’s independence by evaluating four key features: the central bank’s legal mandate, its governance structure and formal independence, its ability to conduct monetary policy without government interference, and its power to finance (or not)…
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The policy interest rate influences financial market rates, thereby impacting the exchange rate, consumption, investment, and inflation expectations. When demand exceeds supply, the Bank raises the rate to control inflation, encourage saving, reduce credit, and stabilize the exchange rate.
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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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In the most recent interval, the mortgage rate has been more responsive to the government bond rate than to the benchmark rate. Given the recent deterioration in the fiscal situation, the most significant implication of this association is not only that servicing government bonds becomes more…
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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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