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BanRep Decision, Unemployment Data Due

COLOMBIA
  • 26/28 analysts are expecting BanRep to increase the overnight lending rate by 150bps to 9.00%.
    • Decision due at 1900BST/1400ET.
  • Annual headline inflation is approaching 10% and the latest central bank surveys point to a continued deterioration of medium-term expectations.
  • Inflation dynamics, combined with a resilient growth profile and substantial weakening of the local currency indicate the significant likelihood that BanRep maintain its aggressive pace of tightening.
  • The full MNI preview with analyst views can be found here: https://marketnews.com/mni-colombia-central-bank-preview-july-2022-maintaining-150bp-hiking-pace
  • Separately, it was announced on Thursday that Venezuela and Colombia will appoint ambassadors after Gustavo Petro’s inauguration on Aug 7 as relations are normalized, incoming Colombia Foreign Minister Alvaro Leyva says while reading a joint statement on Venezuelan state TV.
    • Colombia-Venezuela Border To Reopen Gradually – according to the Venezuelan Foreign Min (BBG)

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