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Monetary Policy Report, President’s Son To Cooperate In Court Case

COLOMBIA
  • The central bank will release the quarterly Monetary Policy Report on Wednesday. It is expected that BanRep’s technical staff will update their forecasts for headline & core inflation, GDP, the output gap and the current account over the relevant horizon for monetary policy. The minutes of BanRep’s August meeting will cross tomorrow.
  • The Colombia peso led regional declines on Tuesday amid the broad emerging market weakness with potential profit taking dynamics exacerbating the move higher for USDCOP from a very low base given the Peso’s impressive performance in recent weeks and across 2023.
  • Local drivers remain limited following an in-line BanRep decision & statement on Monday. Furthermore, the arrest of President Gustavo Petro’s son over the weekend might be viewed as undermining the administration agenda, which could be considered a positive for the currency. It is worth noting that headlines overnight that Petro’s son will cooperate in the money laundering case where he is expected to present “new facts” to the court.
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