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Finance Ministry Bolsters Call For Monetary Policy Easing

COLOMBIA
  • Headlines crossed late on Monday from Colombia’s Finance Minister Bonilla, reiterating his call for lower interest rates and the desire to recover economic growth. The finance ministry joined the nation’s top bankers and industrialists in calling for this immediate action in a rare combined statement.
  • "We believe that there are several conditions that today allow us to think of a path to reduction - which hopefully will start relatively soon - for the interest rate," said Bruce Mac Master, president of the Colombian business association ANDI.
  • While nothing new from the finance minister in particular, echoing headlines in recent times from both the president and Bonilla, it is still noteworthy given he is a member of the BanRep board.
  • For reference, the next central bank decision is not due until September 29 and this week's CPI data should be very crucial in shaping expectations for potential monetary easing later this year.
  • Separately, Fitch Ratings holds an event in Bogota to discuss Colombia’s sovereign risk and forecasts for the financial and energy sectors (1400BST/0900ET).
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