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MNI BanRep Review - March 2023

  • Colombia’s central bank decided to increase the overnight lending rate by 25bps to 13.00% in a unanimous decision.
  • In a key development, the board stated that “with the decision adopted in today's session, monetary policy continues with its objective of bringing inflation towards its target of 3%”, differing from the prior guidance in January that “monetary policy is close to the position required to induce a convergence of inflation”.
  • While the board have maintained their data dependent stance, statement tweaks and rhetoric within the subsequent press conference have prompted several analysts to convey their view that the tightening cycle is over.
  • Upcoming inflation data (April 05) remains of key importance as well as the release of the monetary policy meeting minutes released one day before on April 04.
  • The full review with analyst views is here:
  • MNI BanRep Review - March 2023.pdf

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