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Central Bankers Comment On Prospective Rate Hikes

COLOMBIA
  • Colombia can maintain an accommodative monetary policy stance amid the negative real interest rate which is even lower than before the pandemic, central bank co-director Bibiana Taboada says in a webcast event organized by Banco Itaú.
    • Lifting interest rates doesn't mean Colombia will end its monetary stimulus.
    • Gradual interest rate increases have the advantage that policy makers can receive information in moments of big uncertainty.
    • Inflation has been pushed up by supply shocks and low comparison base and reversal subsidies provided during pandemic.
    • Inflation expectations are well anchored to the 3% target, especially those of long-term.
    • Current account deficit is a concern as it comes from a fiscal imbalance which may have an effect over risk premium.
    • Doesn't see problems for Colombia to finance its wide current account deficit as nation has wide access to external financing. (All Bloomberg)
  • In a separate interview with Bloomberg Línea: BanRep Governor Leonardo Villar assured that it is very likely that a less expansive monetary policy rate will begin to be seen in the coming months, but warns that the level of the rate must be reconciled at a point that avoids the de-anchoring of inflation expectations, but that maintains the boost to the economy.
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