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MNI BanRep Review - March 2024: Easing Pace Stepped Up Amid Dovish Dissents

The Colombian central bank decided to cut the repo rate by 50bps to 12.25%, however, two members voted for bolder rate cuts.

Bank of Rep (Colombia) - ReviewHomepageLatAm Bank - ReviewEM Central Bank ReportsEM Central Bank ReviewEmerging Market News

Executive Summary

  • The Colombian central bank decided to cut the repo rate by 50bps to 12.25% at its March meeting.
  • The decision was split, with two members of the committee favouring a more dovish approach, one voting for a 75bp move and Finance Minister Bonilla voting for an even bolder 100bp adjustment.
  • The decision was in line with the majority of surveyed analysts, and the dissenting votes closely align with the dovish skew to the Bloomberg survey. Sell-side analysts remain split over whether the easing pace will be further accelerated in April, however, there is consensus that it will likely be upped at some point this year.

Click to view the full review:

MNI BanRep Review - March 2024.pdf

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Executive Summary

  • The Colombian central bank decided to cut the repo rate by 50bps to 12.25% at its March meeting.
  • The decision was split, with two members of the committee favouring a more dovish approach, one voting for a 75bp move and Finance Minister Bonilla voting for an even bolder 100bp adjustment.
  • The decision was in line with the majority of surveyed analysts, and the dissenting votes closely align with the dovish skew to the Bloomberg survey. Sell-side analysts remain split over whether the easing pace will be further accelerated in April, however, there is consensus that it will likely be upped at some point this year.

Click to view the full review:

MNI BanRep Review - March 2024.pdf