Box 2: Development of Foreign Investors’ Trends in the Local Public Debt Market and the Role of Pension Funds as Stabilizing Agents in this Market during 2023 - 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.
Foreign investors made significant sales of their holdings of local public debt securities during 2023. Specifically, they sold COP 9.1 t in peso-denominated TES and COP 2.4 t in UVR-denominated TES respectively. This represented a 11.7% decrease in their balance in pesos compared to what was seen at the end of December 2022.
Nevertheless, foreign investors remain the second largest holders of local public debt securities2 (Graph B2.1). They have been the second largest holders of these securities after pension and severance funds since 2016. They have maintained this position even in stressful events such as the covid-19 pandemic.
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