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BanRep Review – July 2022

COLOMBIA
  • On Friday, the Colombian central bank hiked rates by 150bps to 9.00%, alongside the vast majority of surveyed estimates prior to the release. The decision was not unanimous, with one out of seven directors favouring a softer 100bp hike.
  • In a short statement, the central bank acknowledged rising inflation and expectations, while noting that excess demand remains and that economic activity has continued on a strong footing. With that said, the board raised their 2022 growth estimate from 6.3% to 6.9%.
  • Providing a greater degree of optionality going forward, the statement notes that the board “will make the decisions it deems necessary, based on new information available”. Indeed, during the press conference, Governor Villar highlighted that the interest rate is now contractionary and that the central bank will weigh if additional rate rises are needed. In that vein, any future potential hikes would be smaller in size.
  • Governor Villar also reiterated that the central bank has not considered currency intervention.
  • Full release and link to press conference recording here: https://www.banrep.gov.co/en/banco-republicas-board-directors-raise-benchmark-interest-rate-150-basis-points-bp-taking-it-90
  • The minutes will be released on Tuesday, August 02 and the next BanRep monetary policy decision will take place on September 30.
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