Box 1: The Role of Credibility in Central Bank Monetary Policy Actions - Report of the Board of Directors to the Congress of Colombia, March 2024
En cumplimiento con lo estipulado en el artículo 5 de la Ley 31 de 1992, la Junta Directiva del Banco de la República presenta a consideración del Honorable Congreso de la República, un informe al Congreso de la República en el cual da cuenta del comportamiento de la economía y de sus perspectivas. Este informe se presenta dos veces al año, en los meses de marzo y julio, dentro de los diez días hábiles siguientes a la fecha de inicio de las sesiones del Congreso.
Monetary policy plays a fundamental role in the pursuit of economic stability and its effectiveness is closely linked to its credibility. In the context of monetary policy, credibility refers to the degree of confidence that economic agents have that the central bank will achieve its objectives of price stability, support for sustained economic growth, and contribution to financial stability while acting consistently and transparently. Credibility is, therefore, a key ingredient for the success of monetary policy since it influences agents’ expectations about the future path of inflation. A transparent and credible monetary policy facilitates predictable decision-making by economic agents.
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