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COLOMBIA: BanRep Minutes Acknowledge Challenging 2025 Ahead

COLOMBIA
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  • The minutes of the BanRep’s December meeting were released late Thursday. As a reminder, the central bank cut its policy rate by a smaller-than-expected 25bp in a hawkish surprise, as it signalled its concerns over the inflation outlook on the back of recent exchange rate pressures and on-going fiscal risks. The full MNI review with analyst views is here: https://mni.marketnews.com/3VO5NM0
  • In the minutes, all members acknowledged the progress made in 2024 to steer a decline in the annual inflation rate toward the target within an environment where economic activity has gradually recovered, as well as the labour market remaining stable. The board agreed that 2025 may bring a challenging macroeconomic scenario that requires vigilance and harmonization in both monetary and fiscal policy design.
  • The members of the voting majority highlighted that core inflation, excluding food and regulated items, has been more persistent than projected and failed to fall in November versus October. They also picked up on the recent rise in survey inflation expectations, while also emphasising the uncertainty surrounding the expected increase in the minimum wage.
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  • The minutes of the BanRep’s December meeting were released late Thursday. As a reminder, the central bank cut its policy rate by a smaller-than-expected 25bp in a hawkish surprise, as it signalled its concerns over the inflation outlook on the back of recent exchange rate pressures and on-going fiscal risks. The full MNI review with analyst views is here: https://mni.marketnews.com/3VO5NM0
  • In the minutes, all members acknowledged the progress made in 2024 to steer a decline in the annual inflation rate toward the target within an environment where economic activity has gradually recovered, as well as the labour market remaining stable. The board agreed that 2025 may bring a challenging macroeconomic scenario that requires vigilance and harmonization in both monetary and fiscal policy design.
  • The members of the voting majority highlighted that core inflation, excluding food and regulated items, has been more persistent than projected and failed to fall in November versus October. They also picked up on the recent rise in survey inflation expectations, while also emphasising the uncertainty surrounding the expected increase in the minimum wage.