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Finance Minister Bonilla Reiterates Call For Rate Cut Next Week

COLOMBIA
  • Finance Minister Ricardo Bonilla has once again argued in favour of initiating an easing cycle at the September 29 monetary policy meeting, speaking to reporters in a video shared by his press office.
  • The finance minister stated he’ll support a rate cut even if it is “very small” and reiterated the important thing is that inflation is slowing, not the pace at which it is doing so. Bonilla also foresees the Colombian peso stabilizing in the range of 3,900–4,100 per US dollar.
  • Separately, the 2024 general budget for 502.6 trillion pesos ($129 billion) was approved in the first debate in joint economic commissions, according to local media. Furthermore, Itaú have noted that the Lower House approved the headline proposal for the health reform, with a majority of 93 votes in favour (mainly from pro-government parties), while 43 voted against the project (opposition parties and some from the green party). A new committee has a time limit to present the report and the plenary of the Lower House will decide whether to accept it or not.
  • Worth noting on Friday, there will be a capital markets event organized by Asobancaria; includes the participation of central bank co-director Roberto Steiner and Finance Minister Bonilla.
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