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BanRep Review – October 2022: Unanimous 100BP Hike

COLOMBIA
  • On Friday, Colombia’s central bank decided to hike the overnight lending rate by 100 bps to 11.00%. The decision was unanimous and was in line with the majority of surveyed analysts.
  • The board noted that “during the previous month, adverse financial conditions worsened, brought on by global and idiosyncratic factors. These conditions caused—among other effects—a higher monthly depreciation than that of other emerging economies.”
  • Annual GDP growth forecast is 7.9% for 2022 and 0.5% for 2023. The board said that “despite the expected deceleration, the GDP forecast sets values 12% higher than those observed in 2019, prior to the pandemic.”
  • In the press conference, Governor Villar said that market volatility had impacted the rate decision, with finance minister Ocampo indicating the decision should help ease market jitters. Additionally, Ocampo highlighted that the currency market shows normal liquidity and BanRep have decided not to intervene in FX.
    • The decision “continues the monetary policy adjustment process” and the board “will make further decisions as deemed necessary based on new available information.”
  • The press release is here: https://www.banrep.gov.co/en/banco-republicas-board-directors-bdbr-unanimously-decided-raise-monetary-policy-interest-rate-100
  • The next BanRep meeting is due on December 16.
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