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BanRep Chief Economist Speaks Following Central Bank Minutes

COLOMBIA
  • Overnight, BanRep published the minutes of the January meeting. Link is here (Spanish only): https://www.banrep.gov.co/es/minutas-reunion-junta-directiva-banco-republica-27-enero-2023
  • Goldman Sachs highlighted the minutes show that, although all MPC members agreed that it was necessary to continue with the adjustment of the monetary policy stance, the directors attached different emphases/weights to macroeconomic variables and, accordingly, the appropriate policy response.
    • The reiteration that the monetary policy is approaching but has not yet reached the required stance confirms their view that a policy rate hike at the March meeting is likely, potentially of a lower magnitude.
  • Central bank chief economist Hernando Vargas presents the quarterly monetary policy report today following its release earlier this week.
  • Separately, the government announced an increase in the price of gasoline of 250 pesos (US$0.05) for this month, while the price of diesel remains unchanged.

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