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Colombia Central Bank Review – December 2022

COLOMBIA
  • On Friday, the BanRep Board, by a majority vote, decided to raise the monetary policy interest rate 100bps to 12.0%, in line with the majority of surveyed analysts. Four members voted for this decision, however, one member voted for a more aggressive 125bps increase and one member voted for a much smaller hike of just 25bps.
  • The statement noted that annual inflation remains on an upward trend and has exceeded expectations, with exchange rate pressures and indexation contributing.
  • Additionally, the board note that Q3 growth exceeded the technical staff’s projections and the current account deficit reached a historically high level.
  • In terms of forward guidance, the board stated they are continuing the process of adjusting monetary policy and that future decisions will adopted as “they deem necessary based on the new information available.”
  • Link to statement here: https://www.banrep.gov.co/en/news/press-releases-minutes/board-directors-16-december-2022
  • The minutes for this meeting will be released on Tuesday, December 20. The next BanRep interest rate decision is scheduled for January 20.
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