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Bonilla Argues For Lower Interest Rates, BanRep Economist Survey Due

COLOMBIA
  • Finance Minister Bonilla said yesterday that the country’s weak economic growth is due to restrictive interest rates, which are strangling demand. His comments followed the Q1 GDP data, which revealed that the economy grew by 0.7% y/y, improving slightly from 0.3% y/y in Q4. Bonilla added that the situation would be even worse if not for the government’s countercyclical fiscal policy.
  • Bonilla has consistently argued for a faster pace of rate cuts and voted for a 100bp reduction at the previous MPC meeting, when the majority of the Board voted for a 50bp move.
  • Today, BanRep will publish its monthly economists survey later. Analysts are likely to forecast another 50bp rate cut at the next MPC meeting on June 28. The survey will also include forecasts for inflation, with the previous survey showing a 3bp decline in one-year ahead inflation expectations to 4.63%, while two-year expectations remained stable at 3.5%.
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