Box 1: Developments in Colombia’s Balance of Non-Factor Services
The Monetary Policy Report presents the Bank's technical staff's analysis of the economy and the inflationary situation and its medium and long-term outlook. Based on it, it makes a recommendation to the Board of Directors on the monetary policy stance. This report is published on the second business day following the Board of Directors' meetings in January, April, July, and October.
The external balance of non-factor services is a component of the balance of payments that does not receive a great deal of attention from market analysts. However, developments in the accounts that make up this balance, and the relative importance they have gained in recent years when it comes to prospects for adjusting the external imbalance in the Colombian economy, justify analyzing them in more detail.
