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BanRep Expected On Hold, Petro in La Guajira

COLOMBIA
  • All 18 analysts surveyed by Bloomberg are expecting Colombia’s central bank committee to hold the overnight lending rate steady at 13.25%. Amid mounting political uncertainty in April, the board decided to hike by a further 25bps, fully believed to be the last tightening of the current cycle.
  • This view is reinforced by the most recent BanRep rhetoric, especially from the newly appointed finance minister, Ricardo Bonilla.
    • “We expect that interest rates will stay unchanged this month, and we’ll monitor for the next two or three months until September, when we’ll analyze whether interest rates can start to come down,” Bonilla said last Wednesday, talking to Bloomberg.
    • A full preview with analyst views will be published Wednesday.
  • Of note, President Gustavo Petro will govern this week from the border region of La Guajira accompanied by all the members of his cabinet. From there, he will hold Security Council and a Ministerial Council meetings, as well as meetings with various communities.
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