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2024 Financing Plan, BanRep Minutes Scheduled After The Close

  • Colombia’s Finance Ministry is scheduled to publish its 2024 financing program with plans for the fiscal deficit, total debt and bond sales. Additionally, the central bank will release the minutes of this week’s meeting where they decided to cut the overnight rate by 25bps to 13.00%.
  • As a reminder, the board were split 5-2 in favour of cutting rates with the minority preferring a hold. The minutes should give a clearer picture of the views in favour of both approaches. In the post—meeting press conference, Governor Villar stated that dissenting members sought more information on the 2024 minimum wage increase and highlighted that the central bank should be cautious in cutting rates, and that consecutive cuts should not necessarily be implied.
  • Market participants will also be looking out for any further details on the decision to accumulate reserves. BanRep announced that it plans to boost international reserves with a program to buy as much as $1.5 billion, preventing a reduction in the IMF’s flexible credit line. The board approved beginning the program to maintain “appropriate external liquidity levels” without aiming at any “exchange rate objective” or altering the volatility of the currency.

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