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Co-Director Taboada Hints At Gradual Tightening Process

COLOMBIA
  • Colombia Central Bank Co-Director Taboada spoke in an event organized by EAFIT university late yesterday.
  • BanRep will try to make increases to interest rates gradual as far as possible to maintain an expansionary policy stance:
    • The economy will need stimulus as the labor market is still too weak
    • Real interest rates are more negative than before the pandemic
    • Fiscal adjustment is needed to maintain an expansionary stance (BBG)
  • Bibiana Taboada added the inflation situation is 'not easy', as prices face a strong pressure in the second half of the year. However, there's "some relief" about still slow core inflation and inflation expectations close to the target in 2022.
    • Central bank inflation forecast for 2021 end may rise with Aug. data
    • Internal demand has surprised to the upside
    • Colombia's economy has had a v-shape recovery
    • Economy has grown faster than expected (BBG)
  • Today, central bank Governor Leonardo Villar speaks at an event of the federation of insurers Fasecolda while Finance Minister José Manuel Restrepo will speak at a Corredores Davivienda event.
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