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BanRep Review - Slightly More Dovish Than Anticipated

COLOMBIA
  • Colombia Central Bank Kept The Overnight Rate Unchanged At 1.75%
  • The decision was unanimous. The central bank raised their 2021 GDP forecast to 6.5%. They reiterated that strong expansionary policy is helping the recovery and that inflation expectations remain anchored.
  • "Core inflation excluding foods and regulated items (1.56%) remained below the target and was similar to projections. A portion of the recent increase in inflation could prove to be somewhat persistent and affect inflation expectations, which remain anchored."
  • Finance Minister Restrepo hinted that Colombia could use the forthcoming IMF SDR allocation as a fiscal financing source (worth US$2.8bn, or almost 1% of GDP).
  • Monetary policy decisions will continue to depend on new information related to the evolution of the risks mentioned in the statement which can be found here: https://www.banrep.gov.co/en/banco-republicas-board-directors-bdbr-voted-unanimously-hold-benchmark-interest-rate-175
  • The minutes will be released tomorrow, Wednesday 30th June.
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