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MNI BanRep Review - April 2023

COLOMBIA
  • On Friday the Colombian central bank decided to raise the overnight lending rate by 25bps to 13.25%. The decision had been seen as a close call before the meeting, with surveyed estimates leaning towards the hike following the announcement of a cabinet reshuffle from President Gustavo Petro, including the removal of his then finance minister, Jose Antonio Ocampo.
  • The board were split in their decision. A four-member majority voted for the 25bp increase, two members of the board voted to keep the rate unchanged, and one director voted for a 50bp increase. Within the statement, there was no definitive announcement of the end of the cycle.
  • Despite BanRep leaving the door open to further hikes, analysts appear confident that incoming data ahead of the June 30 meeting should be sufficient to prompt an unchanged decision. However, many point to the idiosyncratic risks following the latest political developments.
  • The full review with analyst views is here:

    • MNI BanRep Review - April 2023.pdf


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