Box 2: Borrowing In Foreign Currency by Colombian Companies and Its Importance to the Domestic Financial System
Los análisis y pronósticos incluidos en este informe son producidos por el equipo técnico del Banco. Es la base principal sobre la cual se realiza la recomendación de política monetaria a la Junta Directiva del Banco de la República (JDBR) y por estas razones no refleja necesariamente la opinión de sus miembros.
The last fifteen years have seen a considerable increase in the outstanding external debt in the private sector. On the one hand, corporate external borrowing doubled, going from USD $11,334 million (m) in December 2000 to USD $25,005 m in June 2015. On the other, the external debt in the Colombian bank system rose by more than 800%, from USD $1,461 m USD $12,925 m. The Peso appreciation over a number of years, as well as low foreign interest rates (compared to those for loans in pesos), provided an incentive for this to happen.
