Posts Tagged ‘Banco de la República’

Central Bank lowers interest rates

Lunes, enero 28th, 2013

With an interest rate reduction from 4,25 to 4,0 percent, Colombia’s Central Bank will both boost the economy, which experts say isn’t growing to its full potential, and encourage Colombians to accumulate more debt.

“Each person and bank must take on the task of assessing if they are able to take on more debt and how to use available credit options”, said bank chief, Jose Dario Uribe.

Uribe also said that the decision was made considering that, on average,  the economies of Colombia’s commercial partners have grown as much as expected. The Board of Directors also decided to extend daily dollar purchases thru May and expects to accumulate 3,000 million dollars, with daily purchases of no less then 30 million dollars.

Bank scolds Government

Viernes, febrero 13th, 2009


The Bank of the Republic reprimanded the Government of Colombia and asked it to respect the rules of the game and reduce fuel prices for Colombian consumers. Had it done that sooner, gas would not only be cheaper now, but its effects on inflation and the expectations as far as cost of living would be very different.

The statement was made by Governor of the Bank of the Republic, Jose Dario Uribe, during a public accountability hearing in which he alluded to how much lower gas prices would be after WTI crude oil prices fell to $US33.98 per barrel last Thursday, which is the point of reference for Colombia.

Inflation for 2009 is 5%

Viernes, noviembre 21st, 2008


The high increases in food and utilities prices observed during 2008 led the Board of the Bank of the Republic to increase the inflation goal for 2009 to the range between 4,5 and 5,5 percent, with 5 percent as the specific goal for legal purposes.

The inflation goal for this year was in the range between 3,5 and 4,5 percent however, it was not met because as of October, annual inflation was already at 6,90 percent and for the last 12 months reached 7,94 percent. According to the central bank, the clash of prices in the world’s economies resulted in the inability to meet the goal in 2008.

Growth in unemployment is not Issuer’s fault

Jueves, septiembre 25th, 2008


Fedesarrollo has questioned the Government for blaming the National Bank of the Republic for the increase in unemployment rates. For the research company, the growing number of informal jobs and inactive in Colombia could be attributed to, mainly, the costs that businessmen as well as blue collar workers have to take on when they want to start a formal job.

The organization warned of a systematic and continuous growth of informality that will mostly affect lower income families.  The thought is shared by expert analysts who feel the Bank has fulfilled its responsibilities and it’s time it was recognized.  


Inflation will go down in ’09

Martes, agosto 26th, 2008

The President of the Central Bank of Colombia, José Dario Uribe, foresees an important reduction in inflation in 2009, due to the modification of certain factors that have contributed to rising prices in the past few years. “The recent increment in inflation has components that are temporary, therefore it is to be expected that in 2009 we will have an important reduction in the rate of inflation”, said Uribe. He also warned that food prices tend to go down in the second semester due to temporary factors, such as larger supply. “For this month we have the prices for stable foods”.

septiembre 2016
« nov