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Global growth expectations were revised downward, particularly for the US and its major trading partners, due to a deterioration in the external environment and increasing trade tensions.The adjustment in projections for developed economies reflects the uncertainty generated from trade policy…

In Latin America, inflation remained above central banks’ inflation targets in most economies, and monetary policy decisions were mixed. In Colombia, Banco de la República (the Central Bank of Colombia, BanRep) maintained its monetary policy rate (MPR) at 9.25%, while the Colombian peso (COP)…

The international environment remained characterized by high uncertainty, although with signs of economic resilience.Global financial markets began the second quarter of 2025 (2Q25) amid trade tensions driven by new policy announcements by the United States.

The international environment was characterized by lower interest rates in the U.S.

Main Characteristics of Banco de la República’s Reserves Management PolicyReserves are invested in financial assets with high levels of safety and liquidity, characterized by a large secondary market.The percentage of reserves that remains available to cover immediate liquidity needs, known as…

The dynamics of the primary markets in which the financial system participates (e.g., credit, deposits, and fund management, among others) are intricately connected to the performance of the household sector, given its significant role in each of these areas. This report is created considering the…

Given the increase in the working-age population, the employment-to-population rate (ER) remained stable in the recent period, standing at 57.5% in the last rolling quarter, with a notable difference between urban areas (59%) and other municipalities and rural areas (55.9%).

As of February 2025, employment continued to grow at an annual rate of 3.9%, primarily driven by rural employment, which grew at a 4.9% rate.This has resulted in a 1.4 percentage point (pp) increase in the employment-to-population rate (EPR) and a 1.8 pp rise for rural areas. As a result, EPRs…

National employment grew by 3.4% annually, driven by greater growth in other municipalities and rural areas (4.5%), while urban employment grew at a moderate rate of 2.5% annually.As a result, the national employment to population ratio (EPR) grew by 1.1 percentage points (pp) annually, driven by a…

According to the Official Colombian Household Survey (GEIH), as of August 2025, national employment continued to grow.

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 must…

Notes at the 27th Asobancaria Treasury CongressLeonardo Villar, Governor of Banco de la República (the Central Bank of Colombia)Cartagena, 13 February 2025Thanks to Asobancaria, and particularly to Jonathan Malagón and Alejandro Vera for the invitation to this event.

Cartagena, June 4, 2025I would like to begin by expressing my gratitude for this opportunity to take part in this event, and extend a very special greeting to Mr. Jonathan Malagón, president of Asobancaria, Mr. Javier Suárez, chairman of its Board of Directors, all the members of the Association,…

Rising Corporate DelinquencyDelinquency in the commercial loan portfolio has increased, particularly in the commerce sector, due to the post-pandemic economic adjustment. An increase in credit demand could help mitigate this vulnerability.

Deterioration of the Local Fiscal SituationA weaker fiscal position can increase the economy’s vulnerability to external shocks and limit the scope for policy responses. This vulnerability may translate into higher risks for the financial system.

According to the Regional Economic Pulse (Pulso Económico Regional, PER in Spanish) indicator, the national economy seemingly expanded in annual terms during the fourth quarter of 2025, albeit at a slower pace than in the third quarter (Graph 1). The annual growth in regional economies was mainly…

The Regional Economic Pulse (Pulso Económico Regional, PER in Spanish) indicator suggested that the national economy experienced annual growth during the third quarter of 2025 (Graph 1). This aggregate result could be attributed to the positive performance of all regional economies, with Antioquia…

Macroeconomic environmentThe International Monetary Fund (IMF) and the World Bank estimate that the global economy grew by 3.2% in 2024, a rate similar to that observed in 2023 (3.3%). This occurred in a context of moderating inflation and declining monetary policy interest rates in most countries.…

Cartagena,

Following the macroeconomic shocks from the COVID-19 pandemic and the disruptions caused by the National Strike of 2021, the Colombian economy exhibited a notable recovery in 2022, with a real GDP increase of 7.3% and economic activity levels 10.4% above those recorded in 2019. This achievement…

In 2024, the Colombian economy began a comeback in its economic activity recovery process, recording an annual growth rate of 1.7%, surpassing the 0.6% seen in 2023. Furthermore, headline annual inflation continued its convergence to the target, concluding 2024 at 5.2%, amid moderated yearly…

In March, inflation decreased - although less than anticipated - and remains above the 3% target. Over the next two years, it is expected that inflation will continue to decline, converging gradually toward the target.

Between September 2024 and March 2025, the global economy was characterized by high uncertainty and increased volatility in financial markets. In Colombia, the economy continued to show signs of recovery and inflation kept declining, although fiscal risks increased.

Annual inflation is computed using the consumer price index (CPI), the twelve months included in this calculation are weighted equally. Consequently, price variations during the period analyzed may lead to an underestimation or overestimation of the signifcance of the information included in the…

Several studies have pointed to the influence of the minimum legal wage (SM for its Spanish acronym) on the labor market and the observed distribution of wages and prices in the economy, among other effects. In 2022, Banco de la República conducted a comprehensive study on the macroeconomic effects…