Monetary Policy

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Banco de la República will rollover Non-Delivery Forward Contracts in February

As delegated by the Board of Directors of Banco de la República, the Monetary and Exchange Intervention Committee decided today, in its ordinary session, that the Central Bank will rollover its U.S. dollar non-delivery forward contracts in February 2021, through auctions held on the maturity…

Banco de la República`s board votes 5-2 to hold interest rates at 1.75%

Banco de la República’s board of directors decided on December 18 to hold the benchmark interest rate at 1.75%. The decision was based on the following considerations:

Banco de la República's board decides by majority to hold interest rates at 1.75%

Banco de la República's board of directors (BDBR) in its meeting on July 30 voted by majority to hold the benchmark interest rate at 1.75%. The decision was based on the following considerations:

Banco de la República's board decides unanimously to begin normalizing monetary policy

The board voted 4-3 to raise the benchmark interest rate by 25 basis points to 2.0%; the three dissenting board members voted for a 50-basis point increase.

This decision was based on the following considerations:

Banco de la República's board decides unanimously to continue monetary policy normalization

The board voted 5-2 to raise the benchmark interest rate by 50 basis points to 2.5%; the two dissenting board members voted for a 25-basis point increase.

This decision was based on the following considerations:

Banco de la República's board of directors (BDBR) raises interest rates by 100 basis points

The board voted 5-2 to raise the benchmark interest rate to 4.0%; two board members voted for a 75-basis point increase.

The decision was based on the following considerations:

Banco de la República's board of directors (BDBR) raises interest rates by 100 basis points

The board voted 5-2 to raise the benchmark interest rate to 5.0%; two board members voted for a 150-basis point increase.

The decision was based on the following considerations:

Banco de la República's board of directors (BDBR) raises interest rates by 50 basis points

The board voted 4-3 to raise the benchmark interest rate by 50 basis points to 3.0%; three board members voted for a 75-basis point increase.

The decision was based on the following considerations:

Banco de la República's board of directors (BDBR) voted unanimously to hold the benchmark interest rate at 1.75%

Banco de la República's board of directors (BDBR) in its meeting on June 28 voted unanimously to hold the benchmark interest rate at 1.75%. The decision was based on the following considerations:

Banco de la República's board votes 6-1 to hold interest rates at 1.75%

Banco de la República's board of directors (BDBR) in its meeting on April 30 voted 6-1 to hold the benchmark interest rate at 1.75%. This majority decision was based on the following considerations:

Banco de la República's board votes unanimously to hold interest rates at 1.75%

Banco de la República's board of directors (BDBR) in its meeting on March 26 held the benchmark interest rate at 1.75%. The unanimous decision to maintain an expansive monetary policy position takes into account the following considerations:

Banco de la República’s board to resume regular meeting schedule in 2021

Banco de la República’s board of directors (BDBR) in 2021 will resume its regular practice of considering changes to the benchmark interest rate in only eight of its 12 ordinary annual meetings. The BDBR will continue to take up remaining issues within its purview in each of its meetings.

Banco de la República’s board votes 5-2 to hold interest rates at 1.75%

Banco de la República’s board of directors (BDBR) in its meeting on January 29 held the benchmark interest rate at 1.75%. The decision was based on the following considerations:

Changes to Banco de la República's liquidity operations framework

In 2020, Banco de la República's board of directors (BDBR) took a series of steps to ensure liquidity in the economy and in financial markets in response to the risks and adverse effects caused by the COVID-19 pandemic. In an environment of extraordinary tension, these steps included the…

Colombia's inflation targeting strategy

The purpose of monetary policy in Colombia is to keep inflation low and stable and to achieve the highest sustainable level of output and employment.  In doing so, monetary policy fulfills the constitutional mandate to maintain the purchasing power of the Colombian peso and to…

Decision-Making Process and Communication

Decision-Making Process and Communication

Banco de la República establishes the benchmark interest rate based on an analysis of the current state of the economy, its outlook, and developments in the inflation forecast with respect to the target.  If this assessment indicates there are risks of inflation persistently being…

Exchange of Pubic Debt Instruments from Banco de la República with the Government

Banco de la República (the Central Bank of Colombia, BR) hereby informs that on 14 May 2020 it exchanged public debt instruments with the national government for COP $1,766 billion (nominal value) at market prices.

In this operation, BR delivered TES with maturities up to 2021, and…

How is monetary policy executed in Colombia?

As for the monetary policy instruments used to meet the inflation target, Banco de la República holds repo auctions to provide liquidity to the banking system by granting overnight loans, and occasionally longer ones, all with the purpose of bringing the overnight interbank rate (IBR) near to…

INTERNATIONAL RESERVES PROGRAM PRESS RELEASE

The upcoming auction of the program for the accumulation of international reserves through PUT options will be held on 1 April 2019, in the amount of USD 400 million.

The options will be in force between 2 and 30 April 2019.