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Inflation is the generalized and sustained increase in the prices of goods and services. When inflation is high, money loses its value rapidly, which affects all sectors of the economy, especially households, as their purchasing power declines. This means that with the same amount of money, a…
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Inflation is the generalized and sustained increase in the prices of goods and services. When inflation is high, money loses its value rapidly, which affects all sectors of the economy, especially households, as their purchasing power declines. This means that with the same amount of money, a…
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Each year, Banco de la República (the Central bank of Colombia) generates profits that, by law, must be transferred to the Government once the equity reserves in this same law have been deducted. In March of this year, Banco de la República will transfer to the National Government approximately 13.…
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According to the prevailing view in Latin America of the mid-20th century—which saw active state intervention as essential for promoting development—central banks were assigned a significant role as development banks. On this basis, they were expected to direct part of domestic savings under…
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Recent installments of this Blog introduced crucial elements of monetary policy, such as the inflation target and the monetary policy interest rate. These elements are the building blocks of what is known as the target inflation framework —the general structure under which monetary policy operates…
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Recent installments of this Blog introduced crucial elements of monetary policy, such as the inflation target and the monetary policy interest rate. These elements are the building blocks of what is known as the target inflation framework - the general structure under which monetary policy operates…
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In each publication you will find easy-to-read articles related to the Colombian and global economy, and to the management of Banco de la República (the Central Bank of Colombia).
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The recent pension reform, formalized by Law 2381 of 2024, has introduced a new Comprehensive Social Protection System for Old Age, Disability, and Death of common origin. This reform establishes a system of four pillars: solidarity, semi-contributory, contributory, and voluntary savings.
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Bank reserves are an economic policy instrument traditionally overseen by central banks that requires banks and other credit institutions to maintain a reserve of liquid assets in cash or in their accounts at the Central Bank. The reserve ratio is the ratio of these bank reserves to public deposits…
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Central bank transparency refers to the clear and open communication of key information to the public by monetary policymakers. This includes the dissemination of data, forecasts, and decision-making processes that affect the economy. Transparency reduces the information gap between what monetary…
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A recent paper published in Ensayos sobre Política Económica (ESPE), a journal of Banco de la República (the Central Bank of Colombia), examines the constraints faced by Colombian smallholder farmers in accessing credit. Among other findings, the paper presents the results of a study done by Camilo…
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In recent years, the practice of considering environmental, social, and corporate governance (ESG) factors in investment decision-making has become more widespread. While the term ESG is used interchangeably with sustainable or responsible investing, it denotes an investment approach in which the…
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Chronic noncommunicable diseases (NCDs) are the leading cause of mortality in the world. These diseases are mainly associated with older age groups and, therefore, their financial burden is expected to increase progressively due to the aging of the population and risk factors derived from unhealthy…
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A recent research paper authored by Jair Ojeda from Banco de la República (the Central Bank of Colombia), published in the Working Papers on Economics series, examines the impact of remittances from abroad on housing prices in Colombia. The study focuses on the analysis of remittance flow…
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Hard-discount stores are a retail innovation that has brought significant changes to Colombia’s commercial landscape. Operating under well-known brands such as D1 and ARA, these stores are larger than neighborhood shops, but smaller than traditional supermarkets. They offer a limited assortment—…
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Although the existence of wage gaps that favor men over women is well known and is explained by multiple factors, there is little discussion of what happens in the opposite case when the women in the households earn more money than the men. In particular, international studies suggest that…
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Payroll taxes are a key tool for financing public goods and benefits for workers. However, they may also increase labor costs for formal employers, discouraging formal job creation and shifting labor to the informal sector. The magnitude of these negative effects is uncertain and depends on several…
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As part of the accountability process required by law, the Board of Directors of Banco de la República (the Central Bank of Colombia) submits twice a year a report to Congress on the situation and outlook of the Colombian economy, along with the results of its management.Continue reading
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Followers of monetary policy and inflation are familiar with the decisions made by the Board of Directors of Banco de la República regarding the monetary policy interest rate (MPR), which experiences periods of increase and decrease, always aiming to keep inflation around its 3.0% target. This rate…
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Labor regulation protects workers, but it also imposes costs on employers. There is evidence that such costs may cause informality and unemployment, as they hinder the hiring of formal employees and the formalization of self-employed workers. A recent number of Ensayos Sobre Política Económica (…
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A health system reform is currently being discussed which proposes that payment to Healthcare Service Providers (IPS in Spanish) be made directly by a public entity, the Administrator of Resources of the General System of Social Security in Health (ADRES in Spanish), based on fee schedules per…
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The Colombian economy has been increasing its growth pace over the past quarters in response to the strengthening of domestic demand, which expanded by 4.3% annually in the first half of 2025, more than double its growth in 2024 (2.0%). The rise in domestic demand has been driven by the notable…
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Whenever the monetary authority meets to make interest rate decisions, two key questions need to be answered: Where is the economy at? and Where is the economy headed? Answering these questions is no easy task. On the one hand, the lag in statistical information makes it difficult to have a…
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In 2021, the price of beef grew about 31% and has seen an additional growth of more than 4.0% as of February 2022. Read the full analysis in the new Banrep Blog post.
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In 2015, Colombia signed the Paris Agreement, thus committing to reduce the exploration, exploitation, and consumption of fossil fuels such as coal, natural gas, and oil. A consequence of this agreement is the risk of turning fossil fuel-related assets into stranded assets, whose value would…
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