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Finance Minister Bonilla Seeks Two Rate Cuts This Year

COLOMBIA
  • (Reuters) - Colombian Finance Minister Ricardo Bonilla said on Saturday his ministry was working with the central bank towards cutting its benchmark interest rate from 13.25% to 13% at October's policy meeting, with a further reduction seen before year-end.
  • Bonilla stated that the message of a rate cut would be for all the banks and to promote the economic recovery. As well as a 50bp cut this month, Bonilla told Reuters that additionally, "the expectation is for another cut in December".
  • For reference, the BanRep board held the key rate at 13.25% in September for the third time in a row, with two members this time voting for a small 25bp cut. Finance Minister Bonilla is very much expected to have been one of these dissenters.
  • President Petro’s administration have expressed the disappointment over the September decision and the President has said he hopes cuts would come soon. His finance minister believes inflation is set to reach 9.2% at the end of 2023, down from the current annual rate of 10.99%.
  • Separately, Bonilla said the conflict between Israel and Hamas "will surely impact in oil prices," and could force the government to make an additional hike to domestic fuel prices. According to the Reuters report, Bonilla added that Congress should be able to pass labour, pension and health reform bills during the first half of 2024.
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