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Colombia Central Bank Review – April 2022

COLOMBIA
  • The Colombian Central Bank hiked the overnight lending rate by 100bps to 6.00% on Friday. The rate decision was split with 3 dissenting board members favouring a bolder 150bp increase.
  • Link to statement: https://www.banrep.gov.co/es/junta-directiva-banco-republica-decidio-incrementar-100-puntos-basicos-pb-tasa-interes-politica
    • "Economic activity continues to exhibit good dynamism. The technical team revised its growth forecast for 2022 upwards from 4.7% to 5.0%, keeping it at 2.9% for 2023."
    • "With the decision adopted today, the Board continues with the gradual but firm process of adjusting monetary policy in order to ensure a progressive return of inflation to the 3% annual target."
  • In the post meeting press conference, Governor Villar said that inflation is mostly driven by external factors and Colombia’s convergence of CPI to target may take 2 years. Finance minister Restrepo added that the output gap in Colombia is almost closed.
  • The minutes from the April meeting are scheduled to be released on Tuesday, May 3 at 2300BST/1800ET and the next BanRep meeting/decision is due on June 30.
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