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BanRep Minutes For The October Meeting

COLOMBIA
  • BanRep released their minutes overnight highlighting the differences between the majority camp of voters advocating an acceleration of the hiking cycle and the two dissenting votes calling for a continuation of the 25bp hike previously seen. Key snippets include:
  • "Among the arguments of the majority group to advocate for a more pronounced increase in the policy rate, the coincidence of an increase in the inflation rate and its expectations with the marked rebound in economic activity stands out."
  • "The members of the majority group also expressed their concern about the increase in inflation expectations and reiterated the risks that the indexation phenomena that would be observed starting next year entail for price stability."
  • "The directors who chose to support an increase of 25 basis points note that there is still uncertainty about the evolution of the pandemic due to the emergence of new strains of the virus as has occurred in other countries. They add that the high consumption levels recently observed may not be sustainable, as they are based on the de-accumulation of savings made during the critical period of the pandemic. They recall that there is still a significant gap in employment and investment compared to the pre-pandemic period."
  • The full link to the minutes:https://www.banrep.gov.co/es/minutas-reunion-junta-directiva-del-banco-republica-del-29-octubre-2021
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