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Regional Pensions Could Pay For Subsidies, Q4 Current Account Data Due

COLOMBIA
  • President Petro suggested yesterday that the country’s regional pensions could be used to pay for subsidies to the most vulnerable members of the population. The government has said that it will pay pension subsidies for people older than 80 years, and Petro proposed that the country’s pension fund of regional entities, known as Fonpet, could be used to expand this coverage. Fonpet has around $14bn in assets.
  • Following calls from Finance Minister Bonilla earlier this week for a 100bp cut in the policy rate in March, IBR swap rates continued to extend their move lower yesterday, with yields down a further 6-8bp. Despite the potential for a larger rate cut later this month, COP continues to trade in a contained manner, anchored by still high yields. BBVA believe that once the policy easing accelerates in earnest COP will weaken as a result, although this is likely to be later in Q2.
  • On the data front, February manufacturing PMI will be released at 1500GMT(1000ET), while Q4 current account data will also cross. Next week, February CPI data will be key for determining the monetary policy outlook later this month.
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