Servicios
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Between 22 April and 03 May 2024, the International Monetary Fund (IMF) provided technical assistance to assess the Colombian foreign exchange market and its regulatory framework, and to identify strategies to strengthen its development while ensuring the preservation of financial stability.
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The Bank for International Settlements’ (BIS) triennial survey is a relevant source of information on the size, structure, and evolution of the global Over the Counter (OTC) non-standardized derivatives market, on Foreign Exchange (FX), and on Interest Rate Derivatives (IRDs . The main objective of…
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TES Non-Delivery Forward (NDF) is a derivative instrument by which the parties agree to buy or sell Colombian public debt securities denominated in local currency (TES) at a future date, at a price agreed on the contract negotiation date. Generally, these contracts are negotiated between a local…
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As part of the inflation-targeting framework governing monetary policy in Colombia, Banco de la República uses the monetary policy interest rate (MPR) as an instrument. By changing the MPR, Banrep induces variations in market interest rates at different terms and in asset prices, thereby…
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One of the most relevant processes carried out by the International Investments Department (DII for the acronym in Spanish) is the strategic allocation of the foreign reserve assets. To conduct this process,
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The Government Bond Index - Emerging Markets (GBI-EM), prepared by JP Morgan, is the leading benchmark for global fixed income markets in local currency in emerging economies. Colombia is currently part of the group of 19 issuing countries whose bonds are included in the basket of the index.…
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Reserve requirements are an economic policy instrument that has historically played an important role in the fulfillment of the central bank’s mission worldwide. This requirement, set by the monetary authority of each country, mandates that banks and other credit institutions (CIs) to maintain a…
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Banco de la República (BanRep) and the Securities Market Self-Regulator (AMV, in Spanish) have made progress in establishing a Local Foreign Exchange Committee (LFXC), with the aim of strengthening communication channels and the exchange of information with foreign exchange market participants.
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After conducting a comprehensive review of the sanctioning regimes applicable to foreign exchange and monetary operations, Banco de la República (BanRep) introduced a new framework of consequences for addressing non‑compliance within the context of open market operations (OMOs), liquidity…
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The management of foreign reserves follows two investment styles: passive and active. The objective of the former is to replicate, as closely as possible, the risk characteristics of a benchmark index while aiming to generate positive returns and minimize transaction costs. The latter allows…
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At the 19 December 2023 meeting, the Board of Directors of Banco de la República (BDBR) announced the decision to gradually accumulate up to USD 1,500 million (m) in foreign reserves (FRs). The purpose of this measure was to strengthen Colombia’s external liquidity, consolidate the positive…
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The year 2025 will be a key for the payments industry with the launch of Bre-B, the new interoperable instant payments system developed by Banco de la República in collaboration with the fnancial industry since 2022. This system will allow real-time transfers with crediting of funds across all…
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The management of foreign reserves has evolved with the objective of ensuring safety, liquidity, and return. Safety requires effective management of investment-related risks, while liquidity refers to the ability to convert assets into cash quickly and at low cost. In turn, return refers to the…
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Following the recent increase in geopolitical events that have affected the performance of assets traded in capital markets, the International Investments Department (DII for the acronym in Spanish) decided to establish the Geopolitical Monitoring Group (GSG for the acronym in Spanish) in 2023,…
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Banco de la República, in fulfillment of its constitutional mandate to manage foreign reserves, conducts this activity in accordance with the criteria of safety, liquidity, and return established by Law 31 of 1992. This box aims to explain liquidity risk and its management in foreign reserves.
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Practices aimed at promoting responsible and sustainable investment have continued to gain acceptance among investors due to their impact on the security and soundness of companies, as well as on the real and financial economy. According to the Principles for Responsible Investment (PRI),…
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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 exercises…
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This special report analyzes credit risk exposure and performance among credit institutions (CIs) using the latest available data, aiming to continue with the detailed monitoring of the evolution of delinquency. It complements the analysis presented in the Financial Stability Report for the second…
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This Special Financial Stability Report updates and expands the analysis of the performance of the loan portfolio and credit risk of credit institutions presented in the Financial Stability Report for the first half of 2025 and in its
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Financial Infrastructure in ColombiaPayment Infrastructure in Financial MarketsIn 2024, Banco de la República’s (the Central Bank of Colombia) large-value payment system (Deposit Accounts System, CUD by its Spanish acronym) exhibited greater dynamism. The average daily value of settled transactions…
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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…
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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)…
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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.
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The international environment was characterized by lower interest rates in the U.S.
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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.
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