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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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The value added tax (VAT) exemption days policy has been used in the United States and in the European Union to encourage the consumption of goods and services that are important for lower-income households. In Colombia, after the crisis caused by the COVID-19 pandemic and to help boost the economy…
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The COVID-19 pandemic caused an economic contraction and an increase in the unemployment rate unprecedented in Colombia’s history. At the time of its greatest impact, in April 2020, through the Economic Tracking Indicator (ISE in Spanish), the National Administrative Department of Statistics (DANE…
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This year, coinciding with the celebration of its 100th anniversary, Banco de la República (the Central Bank of Colombia) received the ‘Carbon Neutral’ certification from Bureau Veritas. This recognition indicates that the Bank has taken the necessary measures to mitigate and offset its CO2…
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In 2019 and 2020, Banco de la República (the Central Bank of Colombia) showed historically high profits, which amounted to 7.1 trillion and 7.5 trillion Colombian pesos, respectively. This was mainly due to the extraordinary yields of foreign reserves (FRs), which totaled 7.6 trillion and 6.6…
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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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On 23 July 2023, Banco de la República (the Central Bank of Colombia) celebrated its 100th anniversary, having been established as the Central Bank of Colombia through Law 25 of 1923, according to the parameters defined by the Kemmerer Mission.
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IntroductionIn its most recent financial report for 2023 (only available in Spanish), Banco de la República (the Central Bank of Colombia or Banrep) reported historical profits of 9.2 trillion of Colombian pesos, mainly due to the yield of the international reserves (IR) .
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In its most recent financial report for 2023, Banco de la República (the Central Bank of Colombia or Banrep) reported historical profits of 9.2 trillion of Colombian pesos, mainly due to the yield of the international reserves (IR) . In order to understand the origin of these high results, it…
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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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The COVID-19 pandemic significantly altered the way merchants do business. Preventive confinement, health restrictions and fear of contagion forced businesses to look for other ways of operating through home-based services, online commerce and the acceptance of different electronic payment…
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Retail payment instruments play a crucial role in economic and financial stability and in the functioning of trade. These include cash, debit and credit cards, checks, and wire transfers.
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