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BanRep Co-Director Villamizar On Interest rates

COLOMBIA
  • Bloomberg have reported on an interview with BanRep Co-Director Mauricio Villamizar:
  • Colombia’s monetary policy stance is tight enough to bring the fastest inflation in nearly a quarter century down to its target range by the end of 2024, according to a top central banker. (Bloomberg)
  • “We are now thinking that we’re at a sufficiently contractive monetary policy stance to reach the target in the medium term,” Villamizar, a former World Bank economist, said on Wednesday. “This doesn’t necessarily mean that we’re done hiking, or that we can rule out reacting to unexpected shocks.”
  • Villamizar said he expects economic growth to slow to between 0% and 1% this year, down from 7.5% in 2022, as the economy feels the impact of last year’s rate hikes. He also said he expects inflation to slow to between 8% and 9% by the end of this year, from 13.3% last month.
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