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BanRep's Steiner Says Not Necessarily At Hiking Cycle End

COLOMBIA
  • Colombia needs to see a consistent path of slowing inflation before considering interest rate cuts, according to the central bank’s longest-serving co-director.
    • “We should tread carefully and not envision declines in policy rates just because we have one or two favorable readings on headline inflation”.
    • “We have to be a bit more prudent, a bit more patient because the worst mistake we could make is to reduce interest rates to then have to bring them up again.”
  • Of note earlier, newly appointed finance minister Bonilla said that he see the interest rate hiking cycle ending and also mentioned that they will raise diesel prices once CPI is under control.
  • BONILLA SEES COLOMBIA INFLATION BELOW 10% BY END OF 2023
  • SAYS HE EXPECTS STABILIZATION IN COLOMBIA FX MARKETS
  • COLOMBIA IS REVISING ESTIMATES OF MID TERM FISCAL PLAN
  • COLOMBIA TO RAISE DIESEL PRICES ONCE CPI IS CONTROLLED (BBG)
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