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COP In Focus After BanRep Steps Up Easing Pace

COLOMBIA
  • Colombia returns from its St Joseph’s Day holiday today, with USDCOP close to YTD lows thanks to high real yields and oil prices, which have supported the peso in recent weeks. This may gradually change ahead, following the decision by BanRep to step up the pace of easing with a 50bp rate cut last week. For now, real yields remain attractive vs. peers, but some analysts have previously said pressure on COP could build later in Q2.
  • Following last week’s MPC meeting, Finance Minister Bonilla (who voted for a 100bp cut on Friday) said that he’d prefer the peso at around 4,000/usd and that he expected the peso to weaken in the short-term. He also said that the real interest rate remains too high, even after last week’s rate cut.
    • The full MNI review of last week’s BanRep decision, with analyst views is here.
  • In other news, Ecopetrol shareholders approved five new board members in a vote on Friday, as expected, despite an internal report that warned they lack the necessary experience. The new members include two former senators and Deputy Environment Minister Lilia Tatiana Roa.
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