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BanRep Governor Hints That Tightening Cycle Could Be Over

COLOMBIA
  • Central Bank Could End Rate Hikes If Inflation Slows More - Villar - Reuters News
  • Colombia's central bank could call time on its upward monetary cycle after inflation in Latin America's fourth-largest economy slowed in May, bank board chief Leonardo Villar said on Tuesday.
    • Of note, the government's DANE statistics agency will publish May inflation data on June 7.
    • "We hope that by the time we reach June, the board will have a second month of slowing inflation, which would send a message to the country that, possibly, rates would not rise further," Villar told economic commissions of Colombia's Congress.
  • Separately, Villar also forecast high profits for the bank in 2023. He detailed that BanRep will post profits of around 11 trillion pesos this year, $2.5 billion at current rates, which would be delivered in 2024.
    • "These profits... would be incorporated into the government's financial plan ... and would represent a record high," Villar said.
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