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On Monday 16 March 2020, the members of the Board of Directors of the Central Bank met with the Technical Deputy Minister of Finance in the morning, and with the Financial Superintendent in the afternoon, to monitor market dynamics, indicators of the financial system, and the results of the…

[Video] Press Conference with the Governor of the Central Bank of Colombia Juan José Echavarría, Governor, and Hernando Vargas, Deputy Technical Governor, answer questions from analysts and journalists related to the decision reached today by the Board of Directors.

The Board of Directors of Banco de la República (BDBR), by majority, reduced the Benchmark Interest Rate by half a Percentage Point to 2.50%. In this way, it continues with the countercyclical monetary policy stance. This decision took the following elements into consideration: 

The Board of Directors of Banco de la República (BDBR) unanimously decided to lower the Benchmark Interest Rate by one fourth of a Percentage Point to 2.25%. This decision took the following elements into consideration:

The Board of Directors of Banco de la República, at today’s meeting, unanimously decided to maintain the benchmark interest rate at 1.75%. For this decision, the Board mainly took into account the following elements:

At its meeting in November 2017, the Board of Directors of Banco de la República (BDBR) adopted a new scheme for monetary policy decisions, according to which, ordinarily, no monetary policy decisions would be made in the months of February, May, August, and November each year.

During today’s meeting, the Board of Directors of the Banco de la Republica unanimously decided to hold the policy rate at 1.75%. This decision was made on the basis of the following considerations:

The Board of Directors is keeping the inflation target (annual change in the CPI) at 3% within a range between 2% and 4%. The Board of Directors will continue careful monitoring of inflation trends, economic activity, the forecasts for these variables, and the international situation and reiterates…

The Minister of Finance, the Governor of Banco de la República (the Central Bank of Colombia), and the Financial Superintendent hereby inform that: The members of the Board of Directors of Banco de la República, the Minister of Finance and Public Credit, and the Financial Superintendent of Colombia…

The Board of Directors of the Central Bank of Colombia (BDBR) unanimously reduced the benchmark interest rate by a quarter percentage point to 2.0%. For this decision, the Board mainly took into account the following elements:

In accordance with the Colombian Constitution, the Board of Directors of Banco de la República (BDBR) is the credit authority of the Colombian economy. Law 31 of 1992 constitutes the general framework of reference for the exercise of the functions attributed to the Board as credit authority.

The monetary policy strategy of Banco de la República (the Central Bank of Colombia) aims to maintain a low and stable inflation rate, as well as to reach output levels close to its potential. Additionally, Banco de la República’s policy contributes to preserve financial stability and to the proper…

The following information is available in English, please remember that the translations made by Banco de la República with respect to the contents of its websites are for information purposes. More info in Terms and Conditions: Monetary PolicyThe strategy behind Banco de la República’s policy…

This translation includes:

Artículo publicado en: Macroeconomics and Finance in Emerging Market Economies (Taylor and Francis), vol. 6, núm. 1, pp: 131-145, 2013.  

Artículo publicado en: Journal of Risk Management in Financial Institutions, vol. 6, num. 3, pp. 253-279, 2013.  

Artículo publicado en: The Journal of Developing Areas, vol. 46, num. 2, Fall: pp. 85-103, 2012.  

OFFICIAL JOURNAL. YEAR CXXIX. N. 41142. DECEMBER 17, 1993. PAGE. 2DECREE 2520/1993 (DECEMBER 14) BY WHICH THE STATUTES OF THE BANCO DE LA REPÚBLICA ARE ISSUED.    The President of the Republic of Colombia, through the exercise of the authority…

OFFICIAL JOURNAL. YEAR CXXVIII. N. 40707. 4, JANUARY, 1993. PAGE 1. LAW 31 OF 1992. (DECEMBER 29)   

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Law 31 of 1992 authorized Banco de la República to continue fulfilling the cultural and scientific functions it had been carrying out since its founding in 1923. In accordance with this mandate, the Central Bank contributes to the country's cultural development through four key areas: the Library…

Colombia's foreign reserves are administered by Banco de la República (the Central Bank of Colombia). This function must be performed in the public interest, for the benefit of the national economy, and to facilitate the country's international payments. The investment of reserve assets is subject…

  The Banco de la República fulfils these duties by receiving funds in deposit from the Nation and public entities under the conditions established by the Board of Directors. Furthermore, the Banco de la República may act as fiscal agent in the negotiation of external and internal credits upon…