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BanRep Minutes Published, Vargas To Present Quarterly Report

COLOMBIA
  • BanRep minutes provided additional details to the short statement released after the meeting.
  • The majority six directors advocating the 150bp hike cited various factors supporting the steep adjustment.
  • The one dissenting director who favoured a softer 100bp hike "maintains that sharp increases in interest rates do not necessarily ensure the reestablishment of macroeconomic balance and rather tend to be recessive. Additionally, he pointed out that there are several indicators that already show that the dynamics of credit and other key variables are moderating, suggesting that a drastic adjustment of the interest rate may do more harm than good. "
  • Colombia central bank’s chief economist, Hernando Vargas, presents the quarterly monetary policy report at 4pm local time.
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