The Regional Economic Pulse (Pulso Económico Regional, PER in Spanish) indicator suggested that the national economy experienced annual growth during the third quarter of 2025 (Graph 1). This aggregate result could be attributed to the positive performance of all regional economies, with…
Bogotá, Colombia
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After conducting a comprehensive review of the sanctioning regimes applicable to foreign exchange and monetary operations, Banco de la República (BanRep) introduced a new framework of consequences for addressing non‑compliance within the context of open market operations (OMOs), liquidity…
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Between 22 April and 03 May 2024, the International Monetary Fund (IMF) provided technical assistance to assess the Colombian foreign exchange market and its regulatory framework, and to identify strategies to strengthen its development while ensuring the preservation of financial stability.
- Publicación |The international environment was characterized by lower interest rates in the U.S.
- Publicación |Regarding the impact of monetary policy on housing prices, we find that it is significant: a one-unit monetary policy surprise shock (in the index) leads to a decline in housing price growth of approximately 6 percentage points as supply elasticity decreases.
- Publicación |Market frictions and banking regulations limit the liquidity of the derivatives market, particularly affecting large firms. Foreign exchange interventions have asymmetric effects: they implicitly protect small firms under low intervention scenarios, but benefit large firms when intervention is high.
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Prices increased more than expected during the third quarter of the year. However, inflation is still expected to decrease in 2026 and fall within the range of 2 % to 4 %, continuing to approach the 3 % target, but at a somewhat slower pace. It is estimated that inflation will be at 5.1…
- Publicación |Microcredit plays a relevant role in reducing information asymmetries in the rural credit market, although its effects are concentrated in a small fraction of beneficiaries, posing additional challenges to broaden its reach and effectiveness. Accessing credit through microfinance institutions or…
- Publicación |Expectations about the monetary policy rate (MPR) play a key role in the transmission to deposit and credit interest rates. This process is neither immediate nor uniform across financial products.
- Publicación |Deterioration of the Local Fiscal Situation
A weaker fiscal position can increase the economy’s vulnerability to external shocks and limit the scope for policy responses. This vulnerability may translate into higher risks for the financial system.
- Publicación |Looking ahead, monitoring financial stability, macroeconomic (dis)equilibria, and the space for active economic policy—with inflation close to the target and sustainable public finances—are necessary conditions to successfully face future adverse shocks.
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Interest rates on public debt tend to respond to different determinants, depending on maturity. Since 2024, short-term interest rates on Colombian peso-denominated public debt (TES) have declined in line with the cuts in Banco de la República’s monetary policy rate (MPR). On the contrary, long-…
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As noted in recent reports from the Board of Directors of Banco de la República to Congress, in recent quarters much of the strength of economic activity, particularly domestic demand, has relied on household consumption, whose outstanding performance has been characterized by growth rates…
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Spending inflexibility is a structural feature of Colombia’s Government Budget (PGN). This condition reflects the existence of earmarked revenues, the establishment of spending commitments through the Constitution and the law, and the state’s permanent obligations related to pensions and debt…
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Real retail sales grew in the region, surpassing the national average. This performance was driven by increased household spending, lower unemployment, and effective marketing campaigns. Household consumption dynamism and improved financing conditions strengthened businesses and consumer…
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Inflation increased more than the Bank anticipated during the second quarter of the year. However, with a cautious monetary policy and no significant increases in labor costs, prices are projected to rise at a slower pace, closer to the 3% target, in 2026 and 2027.
- Publicación |Greater female labor force participation would help mitigate the challenges posed by population aging, which is one of the most pressing issues facing major economies worldwide.
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To begin, I would like to congratulate the Constitutional Court and its President, Mr. Jorge Enrique Ibáñez Najar, on this Panel Discussion on Constitutional Jurisdiction, which will unfold over the next two days, thus continuing an important and well-established tradition. This panel discussion…
- Publicación |Financial Infrastructure in ColombiaPayment Infrastructure in Financial MarketsIn 2024, Banco de la República’s (the Central Bank of Colombia) large-value payment system (Deposit Accounts System, CUD by its Spanish acronym) exhibited greater dynamism. The average daily value of settled transactions…
- Publicación |Approach
This document presents a stress testing model designed to assess, from a forward-looking perspective, the financial vulnerability of non-financial corporations in Colombia. This tool is used by the Financial Stability Department of Banco de la República (the Central Bank…
