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Candidates with a valid disability certificate who meet one of the following requirements: hold a technical qualification, have completed at least 50% of a technological programme, or have completed at least 30% of a professional undergraduate programme, in fields related to Administrative Sciences…

Applicants should have a professional degree in Cultural Management, Administration, Social Communication, Social Sciences, Performing Arts, or related fields, with a postgraduate qualification in administrative studies, cultural management, marketing, or communication.If you are a person with a…

Applicants must have at least 60% completion of a professional degree in Social Sciences, Cultural Management, Arts, or related fields, with experience in cultural management and mediation, libraries, work with diverse population groups, and co-creation cultural processes.-Knowledge of the regional…

Professionals with a degree in Systems Engineering, Computer Science, Informatics, Telematics Engineering, Software Engineering, Information and Communications Technology Engineering, or Industrial Engineering, with a postgraduate degree in data analytics, administrative areas, or financial fields.…

Abstract Colombia is particularly affected by the El Niño Southern Oscillation (ENSO) weather fluctuations. In this context, this study explores how the adverse weather events linked to ENSO affect the inflation expectations in Colombia and how to incorporate these second-round effects into a…

Foreign reserves are the country’s holdings of strong foreign currencies (such as US dollars, euros, and others) that are managed by Banco de la República.

The opinions contained in this document are the sole responsibility of the author and do not commit Banco de la República or its Board of Directors. 

The Constitution eliminated the Bank’s role as a development bank and strengthened its function as a monetary authority. It established that the Bank cannot grant credit quotas or guarantees to private parties; that it may only finance the State with the unanimous approval of the Board of Directors…

The interest rate on government bonds depends on the policy interest rate set by Banco de la República for short-term, risk-free operations, on the policy rate that bond investors expect in the future, and on the risk premium they require to cover the risks of long-term operations inherent to…

This risk premium depends on several factors, one of which is the strength of the government’s finances. If investors perceive the government’s financial situation as solid, the risk premium will be lower; if, on the contrary, they perceive that the government’s debt and fiscal deficit are rising…

An inflation-targeting framework means that Banco de la República makes decisions regarding the policy interest rate to ensure that inflation approaches the target and the economy operates at a sustainable pace over time.

The historical data show that countries with more independent central banks have had lower inflation. Conversely, countries with more limited independence experienced high inflation, including hyperinflation rates exceeding 1000% per year.

When inflation is high, money quickly loses its value; this means that a household can buy fewer basic goods such as food with the same amount of money. When inflation is both high and volatile, it becomes difficult to finance long-term projects, such as those required to expand companies’…

The interest rate on government bonds and their risk premium component have risen, while the policy interest rate has decreased or remained unchanged. Given this, the recent increase in the 10-year government bond interest rate is related to the risk premium for the risk of these bonds, due to the…

The CBI is an indicator used to measure a central bank’s independence by evaluating four key features: the central bank’s legal mandate, its governance structure and formal independence, its ability to conduct monetary policy without government interference, and its power to finance (or not)…

The policy interest rate influences financial market rates, thereby impacting the exchange rate, consumption, investment, and inflation expectations. When demand exceeds supply, the Bank raises the rate to control inflation, encourage saving, reduce credit, and stabilize the exchange rate.

The inflation target is the quantitative objective set by Banco de la República to fulfill its constitutional mandate of preserving the purchasing power of money through low and stable inflation. The Bank sets a target to keep inflation close to that level and to guide its decisions regarding the…

Colombia’s inflation target is 3.0%. It has been set at this level since 2009 and it is the same in countries such as Chile, Mexico, Brazil, Costa Rica, China, Hungary, the Philippines, and Georgia. It is also very close to the targets of Australia, Indonesia, Iceland, Malaysia, Poland, and Romania…

The inflation target is the quantitative objective set by Banco de la República to comply with the constitutional mandate of preserving the purchasing power of money through low and stable inflation. When the target is credible, it becomes an inflation anchor around which inflation expectations…

As of December 31, 2025, net foreign reserves amounted to USD 66.3 billion. Banco de la República will transfer to the National Government in March approximately COP 13.9 trillion pesos in profits generated during its operations in 2025.

When inflation is close to the target and demand is expected to exceed potential output, in turn generating upward price pressures, Banco de la República anticipates the situation by increasing the interest rate to avoid the economy’s overheating, circumvent most inflationary pressures, and…

The policy interest rate is Banco de la República’s main monetary policy instrument. The Bank raises, lowers, or maintains it with the aim of achieving the annual inflation target, which, in Colombia, has been set at 3.0% since 2010.

It is the general framework under which monetary policy operates in Colombia. Banco de la República makes interest rate decisions with the intent of bringing inflation to the target and contributing to maintaining economic activity (the economy’s output) close to its potential level (the level of…

Beginning in 1978, the Monetary Board created mandatory investments that required financial institutions to allocate part of the resources they raised (such as those obtained through certificates of deposit (CDs) to financing the development funds. Although this reduced the inflationary impact, it…