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BanRep's Villar Says Needs To See Faster Drop In CPI Inflation To Accelerate Rate Cuts

COLOMBIA
  • Speaking at the post-meeting press conference, following the 50bp rate cut, Governor Villar said that the central bank will continue cutting the interest rate, but needs to see a faster drop in inflation to cut at a faster pace. Policymakers are confident that inflation will slow to target, however.
  • On the peso, Villar said that the recent drop in the currency doesn't merit FX intervention, adding that the central bank is careful not to provide forward guidance and that the real rate is lower than some LatAm peers.
  • It was noted that BanRep co-director Jaramillo was absent from the meeting and didn't vote in the policy decision.
    • “Colombia needs to see faster drop in CPI to cut faster: Villar”
    • “Colombia cenbank board confident CPI to slow to target”
    • “Colombian peso drop doesn't merit FX intervention”
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