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MNI BanRep Review – October 2023

COLOMBIA
  • On Tuesday, Colombia’s central bank kept policy unchanged, keeping the overnight rate at 13.25%. The decision was in line with the majority of surveyed analysts. In an identical vote split to the prior decision, five directors voted for the unchanged decision and two directors voted for a 25bp rate cut.
  • The board stated that “given the available information, the prudent course of action is to refrain from commencing an interest rates reduction process. Instead, it is advisable to await the emergence of conditions that instill a higher level of confidence in the sustainability of such a process, in a context of convergence of inflation toward the designated target.”
  • The statement raised the 2023 GDP growth estimate to 1.2% from 0.9% and Governor Villar told reporters that the current account deficit for 2023 is seen at 3.4% of GDP. The board kept similar guidance that future decisions will be based on the incoming data. BanRep will publish its Q3 monetary policy report today, providing further details on the macroeconomic scenario.
  • Full statement: https://www.banrep.gov.co/en/news/bdbr-voted-majority-maintain-october-2023

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