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Finance Minister Steps Up September Easing Rhetoric

COLOMBIA
  • Finance Minister Ricardo Bonilla has strengthened his rhetoric regarding potential monetary easing later this year. Speaking to El Tiempo, Bonilla said that he now expects the central bank to begin lowering borrowing costs in September. This is a slight adjustment to comments made last week at a Credicorp event where Bonilla mentioned that BanRep might start interest rate cuts in September or October if inflation continues its slowing trend. At that event, Bonilla detailed that Colombia could cut interest rates by 200 basis points this year from the current 13.25%.
  • Bonilla was also quoted as saying that the Colombian government doesn’t want to see further strengthening of Colombia’s peso and would welcome a stable exchange rate.
  • This week the data docket remains quiet with just industrial and retail confidence figures scheduled. As a reminder, BanRep will meet on July 31.
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