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Finance Minister Bonilla Expects At Least 50bp Rate Cut In March

COLOMBIA
  • Finance Minister Bonilla said that BanRep will, with a lot of certainty, cut interest rates by at least 50bp in the next monetary policy meeting in March if inflation continues to slow. He said that February inflation should be pressured by education costs, and that he sees inflation ending the year at 5-6%, with the policy rate being cut to around 8% (from 12.75% currently). On the fiscal front, he expects the budget deficit to widen to 5.3% of GDP this year, pushing the fiscal rule to the limit.
  • In other news, Ecopetrol said that while drilling the offshore Orca Norte-1 well to confirm its natural gas potential, it had discovered two further gas accumulations in separate reservoirs. It said that it will analyse the new discovery for its commercial viability.
  • No domestic data in the local docket today. However, Finance Minister Bonilla is due to speak at an economic conference organised by local think tank ANIF at 1300GMT, followed by BanRep Governor Villar at the same conference at 1330GMT.
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