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Villar On Tightening Cycle, Blinken/Duque Event

COLOMBIA
  • Banrep Governor Leonardo Villar spoke overnight in a webinar organized by Alianza Valores in which he said the interest rate hiking cycle has not yet ended:
    • “We are in a process that has not yet finished. A continuous process that will probably lead us to higher interest rates and to a policy stance that is no longer just normalized but may begin to be a bit contractionary in order to counteract this situation of excess demand”. (BBG)
  • Colombia’s Public Credit Director Cesar Arias spoke to reporters via a webcast during the presentation of the 2022 mid-term fiscal plan.
    • Finance Ministry said the govt plans to borrow a total of $6 billion overseas in 2023 and 43.9t pesos in the internal market.
    • Govt to borrow a total of $4.4 billion in 2022 and 49.7t pesos in the internal market.
    • Arias said that Colombia will cut its 2022 overseas bond sales estimate to around $1.6 billion as it seeks to reduce the most expensive source of financing
    • Colombia has already sold around 55% of its overall planned bond issuance in the overseas and internal markets.
  • US Secretary of State Antony J. Blinken and Colombian President Iván Duque Márquez will celebrate 200 years of diplomatic relations between the United States and Colombia at an event at the National Museum of American Diplomacy on Wednesday.
    • Secretary Blinken will deliver remarks at on joint efforts to achieve lasting peace, inclusive growth, and stronger democracies, while reflecting on our rich history of 200 years of diplomatic partnership.
    • The meeting comes just days before the second-round presidential election runoff on June 19.
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