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BanRep Governor Speaks On Effects Of Ukraine Crisis, Interest Rates

COLOMBIA
  • BanRep Governor, Leonardo Villar, spoke about the effects of the crisis between Russia and Ukraine , the high oil prices, the independence of the central bank, the concern of President Iván Duque about rate increases and the proposals of reform of the candidate Gustavo Petro.
    • The conflict generated uncertainty and volatility in international markets.
    • The impact of the conflict on the supply of cereals and agricultural inputs produced in that region may push up the prices of our imports.
    • The blockade against Russia reduces the supply of oil and increases the price, which is close to its highest historical levels, which constitutes a favorable effect for the Colombian economy.
    • Capital flows to Colombia may be driven by the recomposition of investment fund portfolios that are forced to stop investing in Russia and are reallocated to other emerging economies, including Colombia.
  • Taking into account that these four points act in different directions, it is difficult to predict the net impact on Colombia.
  • On interest rates:
    • The speed at which rates rise in Colombia is defined with the latest information available at the time decisions are made.
    • It is premature to say anything about the possibility of the conflict affecting that speed. The effects of the Ukrainian crisis are important, but not fundamental to define the monetary policy response in Colombia, in which there are international factors that influence, but which depends to a greater degree on internal factors.
  • Full article can be found here:
  • https://www-portafolio-co.translate.goog/economia/finanzas/banrep-si-no-subimos-ahora-las-tasas-crecimiento-no-sera-sostenible-562512?_x_tr_sl=auto&_x_tr_tl=EN&_x_tr_hl=en-GB
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