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Colombia Central Bank Review – June 2022

COLOMBIA
  • On Thursday, BanRep raised the overnight lending rate by 150bps from 6.00% to 7.50%. Governor Villar announced that the decision was unanimous. Given the split decision in April, all four members joining the previous minority in voting for the more aggressive hike is a hawkish development.
  • From the statement:
    • "Today's decision is consistent with the strength of economic activity in recent quarters and will help to position monetary policy more quickly on a path that lowers inflation and converges with the target in the medium term. Going forward, the pace of changes in monetary policy will be data dependent.”
  • BanRep acknowledged that economic growth surprised on the upside in the first quarter thanks to the build-up in domestic demand driven by household consumption. Accordingly, the central bank raised the 2022 GDP growth forecast to 6.3%.
  • Governor Villar explained that given the fact that there is no longer slack in the economy in their view, BanRep will need to arrive at a restrictive level of policy to more quickly and credibly guide inflation expectations back to target.
  • Full statement here: https://www.banrep.gov.co/en/banco-republicas-board-directors-agreed-150-basis-point-bp-increase-benchmark-interest-rate
  • Both the minutes of the June meeting and June CPI inflation data will be published on Tuesday 5th July. The next BanRep meeting/decision will be held on July 29.
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