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The importance of the banking sector as a key player in interest rate passthrough has been recognized recently in literature concerning monetary policy transmission mechanisms. The interest rate channel, which operates when banks pass on changes in the monetary policy rate to interest rates for the…

The importance of properly monitoring and regulating liquidity risk is associated with systemic risk and with stability of the financial system. If institutions do not measure liquidity risk adequately and if it is not well regulated, financial institutions could see their positions affected by a…

The financial crisis of the late 2000's underscored the importance of identifying systemically significant institutions and developing mechanisms for the latter to internalize the externalities they create on the economy should they fail. Using monthly data for the period comprised between…

As Freixas and Rochet (1997) mention, in perfect competition the optimal choice for banks is determined by the point where intermediation margins are equal to operating costs. In this scenario, market equilibrium is not affected by a bank’s actions. In contrast, when a bank has market power, it can…

To complement a number of studies done in Colombia, based largely on figures from institutional balance sheets, Banco de la Republica has conducted three surveys to date on the credit situation in Colombia. The aim is to collect qualitative information that can be used to determine how financial…

The increase in retail sales was associated with greater demand, especially for food and beverages, and new vehicles. Improved retail confidence and lower interest rates contributed to this outcome.

Commerce strengthened, driven by a rebound in sales of cultural items, entertainment, and new vehicles and motorcycles, amid improved commercial confidence. The financial system supported this momentum with increased lending, particularly to the business sector.

Agricultural production increased due to favorable weather conditions and strong demand. Cattle and pig farming also showed improved performance. Additionally, the food processing industry expanded, particularly coffee hulling, due to the abundant supply of raw materials.

Retail sales in Santander grew, with vehicles, food, computer equipment, and entertainment standing out. Promotions and discounts boosted consumption. Imports of consumer goods, mainly durable goods, also increased.

Retail sales in Antioquia continued to rise, exceeding the national average. This result was associated with discounts, increased tourism, and more favorable financing conditions, among other factors. The strongest retail segments included automobiles, motorcycles, computer equipment, and…

Agricultural activity expanded due to higher oil palm production, supported by rainfall levels that reduced water stress and favored the development of crops. The livestock segment also grew, driven by an increase in cattle and pig slaughtering, in response to stronger household consumption.

Retail sales slowed down due to a slower growth rate in the sale of vehicles and motorcycles, consistent with a fall in consumer credit. However, sales of food and beverages, as well as computer and communications equipment, led the positive retail performance.

Retail sales increased and surpassed the national average, driven by new hybrid and electric vehicle models marketed under favorable financing conditions. Tourism increased due to regional events, boosting spending on food and beverages, although hotel occupancy showed little change.

Trade continued to show positive results, associated with the growth of household consumption, particularly vehicles, motorcycles, food, beverages, and cultural goods. This performance occurred within the context of improving consumer confidence and dynamic recreational and entertainment activities.

Rainfall during previous periods affected the coffee harvest and delayed the production cycles of other crops, reducing agricultural supply. The volume of milled and exported coffee declined due to unfavorable weather conditions. Together with the adjustment in international prices, this resulted…

Trade recorded six consecutive quarters of double-digit growth, driven by dynamic disposable income supported by remittances, increased credit, and low unemployment rates. This performance was accompanied by improved inventory levels and commercial strategies that boosted spending on durable and…

Manufacturing production slowed, although it remained above the national average. Slower growth was observed in most manufacturing divisions. However, manufacturing of transport equipment stood out due to stronger external and domestic demand for vehicles, the latter also boosting commerce in the…

Oil production in the southeast region fell due to field depletion in Casanare and operational disruptions. The Castilla field in Meta partially offset this result, with higher production driven by new investments, technical improvements, and the opening of new wells. Internationally, lower global…

Retail sales increased, driven by improved economic expectations and households’ favorable perception of the economic situation. These results were associated with higher incomes and lower unemployment, which boosted imports of durable consumer goods. Higher debt levels also boosted trade activity,…

This is the Compendium of External Resolution 4 of 30 April 2009 (unofficial translation), whereby regulations on Foreign Exchange matters are issued.

Real retail sales grew in the region and surpassed the national average, although they slowed down. Higher income, the appreciation of the Colombian peso, and improved credit conditions boosted the consumption of durable goods. Sales of food and beverages led this positive performance, followed by…

Commercial activity maintained a favorable performance driven by household spending on new vehicles and motorcycles as well as on cultural and entertainment goods in an environment of improved consumer confidence, lower unemployment, increased remittances, and a greater number of events and…