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COLOMBIA: BanRep Minutes Expected At 2300BST

COLOMBIA
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  • The Colombian peso outperformed yesterday, gaining by 0.9% against the dollar to close at 4183, as it found some support from the recent increase in crude prices. Today, attention turns to the minutes to BanRep’s recent monetary policy meeting at 2300BST(1800ET). Although the 50bp rate cut at that meeting was expected, the 4-3 split vote represented a dovish tilt in the committee and today’s minutes will therefore be looked at closely for any valuable signals for the Board members short-term rate forecasts.
  • For now, a narrow majority of the Board remain cautious about risks to the inflation outlook, as well as the ongoing fiscal challenges, and are reluctant to step up the easing pace. However, some analysts see scope for the central bank to accelerate the pace of rate cuts to 75bp in October, assuming no upside surprises to the incoming inflation data. The full MNI review of this week’s MPC meeting, with analyst views is here.
  • Separately, Ecopetrol CEO Ricardo Roa is expected to make remarks at an energy conference in Cartagena from 1630BST(1130ET).
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  • The Colombian peso outperformed yesterday, gaining by 0.9% against the dollar to close at 4183, as it found some support from the recent increase in crude prices. Today, attention turns to the minutes to BanRep’s recent monetary policy meeting at 2300BST(1800ET). Although the 50bp rate cut at that meeting was expected, the 4-3 split vote represented a dovish tilt in the committee and today’s minutes will therefore be looked at closely for any valuable signals for the Board members short-term rate forecasts.
  • For now, a narrow majority of the Board remain cautious about risks to the inflation outlook, as well as the ongoing fiscal challenges, and are reluctant to step up the easing pace. However, some analysts see scope for the central bank to accelerate the pace of rate cuts to 75bp in October, assuming no upside surprises to the incoming inflation data. The full MNI review of this week’s MPC meeting, with analyst views is here.
  • Separately, Ecopetrol CEO Ricardo Roa is expected to make remarks at an energy conference in Cartagena from 1630BST(1130ET).