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1.1 Macroeconomic summary The Colombian economy sustained numerous shocks in the second quarter, pri­marily related to costs and supply. The majority of these shocks were unantic­ipated or proved more persistent than expected, interrupting the recovery in economic activity observed at the…

Presented to the Third Committe of the Senate by our Governor, Leonardo Villar Gómez.

In compliance with Act of Congress 31/1992, Article 5, the Board of Directors of Banco de la República hereby submits to the honorable Congress of the Republic of Colombia a detailed report on the measures that Banco de la República has taken in the emergency situation generated by Covid-19 and…

Presented to the Third Committe of the Senate by our Governor, Leonardo Villar Gómez.

1.1 Macroec​onomic summary Economic activity has recovered faster than projected, and output is now expected to return to pre-pandemic levels earlier than anticipated. Economic growth projections for 2021 and 2022 have been revised upward, though significant downward bias remains. (Graph 1.1).…

Webcast by our Deputy Technical Governor, Hernando Vargas.

This special report analyzes the combined dynamics of the real estate market in Colombia and its credit portfolio to identify potential sources of risk that could affect economic and financial stability. In particular, the behavior of variables associated with the price of real estate, its…

This report analyzes the level of concentration in the credit and deposit markets, given the importance of this aspect in credit and liquidity risks. Likewise, it presents an additional analysis to determine the degree of competition among financial intermediaries in the credit market.

This report analyzes the credit risk exposure and performance of credit institutions as of September 2021. After nearly two years of the health emergency, in which a high materialization of credit risk and reductions in the profitability of establishments were recorded, the Financial Stability…

A relevant part of the liquidity management of financial institutions in Colombia is made through transactions in the money market, both collateralized and uncollateralized. The collateralized market includes transactions such as repo, simultaneous, temporary transfer of securities (TTV in Spanish…

The purpose of this report is to measure the volatility transmission among the stock and the public and private debt markets to identify whether a market was a generator or receiver of volatility at a given point in time. Subsequently, the three markets’ overnight value-at-risk (VaR) is estimated…

This report analyzes the main financial indicators for Central America, Panama, the Dominican Republic, and some South American countries, along with Mexico. The report assesses the behavior of the gross portfolio, risk management, efficiency, ex-post net interest margin, and ROA between June 2020…

ApproachAt the end of each year, Colombia follows a negotiation protocol that leads to an increase in the minimum wage either by agreement between the parties or, in the absence of such agreement, by government decision. Despite evidence of its adverse effects on the labor market (formal employment…

ApproachThis paper reviews the literature on the expected macroeconomic effects of the physical and transition risks of climate change, identifying the main strengths, weaknesses, and gaps. This review aims to contextualize climate change’s potential impact in Colombia in the coming decades and…

Abstract This document reviews the literature on the expected macroeconomic effects of climate related physical and transition risks (CRR), identifying the main strengths, weaknesses and gaps in said literature. This review seeks to contextualize its potential impact on Colombia in the coming…

The purpose of the Financial Stability Report is to present Banco de la República (the Central Bank of Colombia)'s assessment of the recent performance of credit institutions and their borrowers, as well as the main risks and vulnerabilities that could affect the financial stability of the…

Introduction Banco de la República’s main goal is to preserve the purchasing power of the currency in coordination with the general economic policy that is intended to stabilize output and employment at long-term sustainable levels.

In compliance with Article 5, Act of Congress 31/1992, the Board of Directors of Banco de la República hereby submits to the Congress of the Republic of Colombia their Report to Congress on the macroeconomic results for the fi rst half of 2022 and the outlook for what remains of the year for its…

This special report analyzes the combined dynamics of the real estate market in Colombia and its credit portfolio with the purpose of identifying potential sources of risk that could affect economic and financial stability. In particular, the behavior of variables associated with the sector, its…

In an increasingly globalized world, it is common for companies, governments, and households to make transactions in currencies other than those of their own economy. This type of capital movement makes it possible, for example, to increase current spending, finance capital expansion projects, and…

Throughout 2021, Banco de la República participated, together with the other safety net authorities of the Colombian financial system, in the Financial Sector Assessment Program (FSAP) coordinated by the International Monetary Fund (IMF) and the World Bank (WB). This box briefly describes the main…

This report analyzes the credit risk exposure and performance of credit institutions as of March 2022. With the recovery of economic activity, portfolio quality indicators continued to improve. The loan portfolio also grew at an accelerated rate. The Financial Stability Report for the first half of…

Financial inclusion is the process of integrating financial services into the daily economic activities of the population, which can contribute to economic growth to the extent that it reduces financing and transaction costs and offers secure and efficient management of resources, both for…