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Ocampo Says Interest Rate Policy Effect On Demand Already Achieved

COLOMBIA
  • The Colombian governments' overhaul of its pension system will create a major new player in the local market and shore up demand for the nation’s bonds, according to Finance Minister Jose Antonio Ocampo.
  • The pension bill that will be sent to congress this month will give birth to a savings fund that can invest in local debt, Ocampo said.
    • “From the Ministry of Finance’s point of view, in all the discussions with the Minister of Labor, one of our first principles is that there can not be a reduction in the demand for TES,” Ocampo said Sunday, in an interview in Panama City. “There will be no effect. In fact, there might be a slightly positive effect on demand for TES.”
  • On Banrep policy:
  • “The recent economic activity indicator was positive, but the demand indicators are are actually quite weak, including imports,” he said. “So the effect on demand that the high interest rate policy was aiming at has, in my view, already been achieved.”
  • Inflation is about to start slowing toward its target, and has already been slowing for low-income households, Ocampo said.
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