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Central Bank Chief Economist Presents Monetary Policy Report

COLOMBIA
  • BanRep’s chief economist Hernando Vargas will present the monetary policy report on Wednesday, while the country’s congress could approve a tax reform bill as soon as Wednesday.
  • President Gustavo Petro and Venezuela’s Nicolas Maduro pledged to strengthen commercial ties, fully open the border and cooperate on environmental matters following the first face-to-face meeting between leaders of the countries in six years.
  • Morgan Stanley said in a report it upgraded Colombian equities to neutral from underweight due to recent signs of moderation from the government of Gustavo Petro. (Bloomberg)
    • “We believe recent potential signs of moderation from the Executive power, after a couple of weeks of market stress, appear to have improved the risk reward of Colombian equities”.
  • Separately, Capital Economics have said that the funding on Colombia’s current-account deficit has shifted toward more volatile banking-sector flows and stands at an “alarming” level.
    • “With risk appetite set to stay weak, we expect the peso to remain under pressure and the central bank to keep monetary policy tight well into next year,” they wrote in a note on Tuesday.
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