The Board of Directors of the Banco de la República Modifies the Format for the Minutes

The Board of Directors has modified the format for the minutes and broadened their content in order to make their view of the economy and monetary policy posture more transparent.  The Board is convinced that the Institution’s transparency facilitates and contributes to reinforcing public support for the bank’s independence and its credibility.  At the same time, it will improve the market’s response to monetary policy actions.

The first section of the new minutes includes a synthesis of the view of the country’s macroeconomic situation held by the technical team at the Banco de la Republica. Furthermore, it includes a full document describing the foreign context that the Colombian economy faces, the changes in foreign trade, the performance of domestic demand, product, and credit as well as how inflation and inflation expectations are performing.  The statistical appendix that has been published in the past will also be attached.

In the second section, there is a synthesis of the main arguments given by the members of the Board of Directors in defining their posture on monetary policy.  This section describes the views of the members of the Board with respect to the future direction of inflation and output and their possible deviation from the inflation target and the potential output respectively.  On occasion, this may reveal the Institution’s future policy inclination.  In addition, as has usually been the case for the press releases issued at the end of each session of the Board, the views of the members of the Board on the recent changes in lending, monetary, or asset price variables may be mentioned.
 

The two sections described in these minutes are given here with the respective appendices.  The Inflation Report for the first quarter of the year is also attached and the respective statistical appendix.

Published: 18/06/2014