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Working paper for a meeting with the Governor of Banco de la República, the Finance Minister of Colombia and members of the Trade Council.

Translation available since: 2015 | Periodicity: Quarterly

Inflation would peak in March and start to gradually decline as of the second quarter of 2023, bringing inflation back to the 3% target over the next two years.

Inflation continued to decline but remains above the 3% target. Economic activity is gradually recovering, with strong momentum observed in the first quarter of the year. The current benchmark rate remains consistent with inflation’s convergence to the target over the next two years and a gradual…

During the first quarter, annual headline inflation (5.6%) increased and moved further away from the 3% target. Different economic agents expect inflation to continue increasing over the remainder of the year. Economic growth has moderated, but the level of country spending remains high and exceeds…

As per its constitutional mandate, Banco de la República must ensure that the purchasing power of the currency is maintained in coordination with the general economic policy1.

Inflation continues to fall, but it is above the 3% target, and it is projected to continue falling until it reaches it in 2025. Economic growth is low, but it would recover, and by 2025, economic activity would reach a path that can be sustained over time without causing unwanted changes in…

While inflation fell significantly in 2024, it continues above the 3% target. However, monetary policy measures and corrections in particular factors that exert upward price pressures have helped direct inflation toward the objective. Economic activity continues to recover and is expected to…

During 2025, annual headline inflation (5.1%) stopped decreasing and remained above the 3% target, staying at a similar level to the end of 2024 (5.2%). The Colombian economy continued to grow, driven by vigorous consumption, in an environment of rising fiscal stimulus, higher household income, and…

During the second quarter, headline inflation remained stable, while core inflation (the measure of inflation that excludes temporary movements in the prices of food and regulated items) continued to decline. The aggregate effects of monetary policy, together with low exchange rate pressures, would…

Inflation continues to decline, although it is still above the 3% target. Monetary policy measures and correcting factors that pushed prices up are helping inflation to continue approaching the target. Economic activity is recovering to a sustainable level, unemployment has decreased, and the…

During the second quarter of 2026, inflation continued to rise, moving further from the 3% target, driven by higher labor costs, elevated household and public-sector spending, and higher food prices. At the same time, the Colombian economy recorded stronger growth, boosted primarily by consumption…

Macroeconomic Summary Recent data on economic activity, inflation and the job market suggest their trends have been in line with the technical staff's assessment of the state of the economy and how it is expected to evolve, characterized by a slump in demand and the persistence of ample surplus…

Macroeconomic summary The Colombian economy sustained numerous shocks in the second quarter, primarily related to costs and supply. The majority of these shocks were unanticipated or proved more persistent than expected, interrupting the recovery in economic activity observed at the beginning of…

The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors. 

This paper studies the performance, in terms of volatility and welfare, of different monetary policy rules in an economy with two market frictions. We consider a financial friction that highlights the credit channel as the monetary transmission mechanism and a labor friction, that considerably…

The monetary policy transmission channels are the different channels through which the effect of a decision by the Board of Directors on the level of the benchmark interest rate on the economy’s aggregate demand and on the variation of the price level travels.

M1 (excluding Central National Government entities) M3 (excluding Central National Government entities) Net domestic credit to the public sector 

M1 (excluding Central National Government entities) M3 (excluding Central National Government entities) Net domestic credit to the public sector  Gross domestic credit to the private sector  Net foreign assets

"In compliance with the Basic Legal Circular 006 of 2025, of the Office of the Financial Superintendent of Colombia, and other regulations that amend, add to, or complement it, Banco de la República (the Central Bank of Colombia) established within the Bank the Risk Management System for Money…

What are financial infrastructures?Financial infrastructure or financial market infrastructures (FMI) enable the clearing, settlement, and recording of financial transactions (payments, securities, derivatives, and other financial assets) between participating entities.They include:

What does it mean that the financial system faces vulnerabilities and risks? Financial activity consists of the intermediation of resources between different individuals or sectors of the economy. In this way, the financial system directs economic resources from those individuals who have…

Base Prices for the Settlement of Taxes or Royalties on the Exploitation of Gold, Silver and Platinum