Browsing by Author "Office of the Deputy Technical Governor"

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    Inflation Report March 2018
    (Banco de la República, 2018-11-07) Office of the Deputy Technical Governor; González-Gómez, Andrés; Office of the Deputy Governor for Monetary Policy and Economic Information; Huertas-Campos, Carlos Alfonso; Parra-Amado, Daniel; Cobo-Serna, Adolfo León; Amador-Torres, Juan Sebastián; Caicedo-García, Edgar; Cárdenas-Hurtado, Camilo Alberto; Cote-Barón, Juan Pablo; Pérez-Amaya, Julián Mauricio; Calderón-López, Luis Hernán; López, David Camilo; Prieto-Sánchez, María Alejandra; Martínez-Cortés, Nicolás
    Reportes, Boletines e Informes. 2018-11-07
    Inflation Report - March 2018
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    Monetary Policy Report, January 2024
    (Banco de la República) Office of the Deputy Technical Governor; Office for Monetary Policy and Economic Information; Programming and Inflation Department; Inflation Section; Macroeconomic Programming Section; Forecasting Process Management Section; Macroeconomic Modeling Department; Forecasting Section; Models and Capacities Development Section
    Reportes, Boletines e Informes. 2024-03-26
    Informe de Política Monetaria - January 2024
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    Monetary Policy Report - July de 2021
    (Banco de la República) Office of the Deputy Technical Governor; Vargas-Herrera, Hernando; Office for Monetary Policy and Economic Information; Ospina-Tejeiro, Juan José; Programming and Inflation Department; Huertas-Campos, Carlos Alfonso; Inflation Section; Cobo-Serna, Adolfo León; Caicedo-García, Edgar; Cote-Barón, Juan Pablo; Martínez-Cortés, Nicolás; Rojas, Carlos Daniel; Pulido-Mahecha, Karen L.; Macroeconomic Programming Section; Garavito-Acosta, Aarón Levi; Calderón-López, Luis Hernán; González, Camilo; Salazar-Diaz, Andrea; Galeano-Ramírez, Franky; Forecasting Process Management Section; Gaitán-Maldonado, Celina; Restrepo-Ángel, Sergio; Gomez-Beltran, Edward; Mora-Arbeláez, Tatiana Andrea; Forecasting Section; Hamann-Salcedo, Franz Alonso; Macroeconomic Modeling Department; Pérez-Amaya, Julián Mauricio; Romero-Chamorro, José Vicente; Forero-Alvarado, Santiago; Moreno-Arias, Nicolás; De Castro-Valderrama, Marcela; Naranjo-Saldarriaga, Sara; Consultant and Researchers associated with the Macro-Economic Models Department; Guarín-López, Alexander; Méndez-Vizcaíno, Juan Camilo; Anzola, César; Grajales-Olarte, Anderson
    Reportes, Boletines e Informes. 2021-10-07
    Monetary Policy Report - July de 2021
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    Monetary Policy Report - April 2020
    (Banco de la República) Office of the Deputy Technical Governor; Vargas-Herrera, Hernando; Office of the Deputy Governor for Monetary Policy and Economic Information; Ospina-Tejeiro, Juan José; Programming and Inflation Department; Huertas-Campos, Carlos Alfonso; Cobo-Serna, Adolfo León; Caicedo-García, Edgar; Cote-Barón, Juan Pablo; Martínez-Cortés, Nicolás; Rojas, Carlos Daniel; Pulido-Mahecha, Karen L.; Macroeconomic Programming Section; Garavito-Acosta, Aarón Levi; Calderón-López, Luis Hernán; González, Camilo; Salazar-Diaz, Andrea; Galeano-Ramírez, Franky; Advisors and Associate Researcher with the Programming and Inflation Department; Gaitán-Maldonado, Celina; Restrepo-Ángel, Sergio; Parra-Amado, Daniel; Macroeconomic Modeling Department; Hamann-Salcedo, Franz Alonso; Forecasting Section; Pérez-Amaya, Julián Mauricio; Romero-Chamorro, José Vicente; Forero-Alvarado, Santiago; Moreno-Arias, Nicolás; De Castro-Valderrama, Marcela; Naranjo-Saldarriaga, Sara; Consultant and Researchers associated with the Macro-Economic Models Department; Guarín-López, Alexander; Anzola, César; Méndez-Vizcaíno, Juan Camilo
    Reportes, Boletines e Informes. 2020-05-04
    Monetary Policy Report - April 2020
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    Monetary Policy Report - January 2022
    (Banco de la República) Office of the Deputy Technical Governor; Office for Monetary Policy and Economic Information; Inflation Section; Macroeconomic Programming Section; Advisors and Associate Researcher with the Programming and Inflation Department; Macroeconomic Modeling Department; Consultant and Researchers associated with the Macro-Economic Models Department
    Starting in October 2019, the quarterly Inflation Report produced by the technical staff of the Central Bank will be known as the Monetary Policy Report. The document, which is used for the technical staff´s monetary policy recommendation, will be published on the working day after the meeting of the BDBR in January, April, July, and October, simultaneously with the Board minutes.
    Reportes, Boletines e Informes. 2022-03-23
    Monetary Policy Report - January 2022
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    Financial Stability Report - March 2017
    (Banco de la República) Banco de la República de Colombia; Echavarría, Juan José; Office of the Deputy Technical Governor; Vargas-Herrera, Hernando; Office for Monetary Operations and International Investments; Cardozo-Ortiz, Pamela Andrea; Morales-Acevedo, Paola; Osorio-Rodríguez, Daniel Esteban; Gómez-González, Esteban; Cely-Fernández, Jorge Humberto; Clavijo-Ramírez, Felipe; Gamba-Santamaría, Santiago; Hurtado-Guarín, Jorge Luis; Jaulín-Méndez, Oscar Fernando; Lizarazo-Cuellar, Angélica María; Mariño-Montaña, Juan Sebastián; Mendoza-Gutiérrez, Juan Carlos; Meneses-González, María Fernanda; Pacheco-Bernal, Daisy Johana; Segovia-Baquero, Santiago David; Yanquen, Eduardo; Yaruro-Jaime, Ana María
    Al analizar la situación de los establecimientos de crédito (EC) entre agosto de 2016 y febrero de 2017, se observó un menor crecimiento real de la cartera, explicado principalmente por la dinámica de la cartera comercial. En cuanto a los indicadores de calidad por riesgo (ICR) y calidad por mora (ICM), se presentaron incrementos para todas las modalidades de cartera; sin embargo, estos niveles en general se mantuvieron por debajo de los observados en 2009. Con respecto a la dinámica del pasivo, este continuó con la tendencia decreciente presentada desde el segundo semestre de 2016. Por composición, los certificados de depósito a término (CDT) de mayores plazos y las cuentas de ahorro aumentaron su participación. En cuanto a las instituciones financieras no bancarias (IFNB), en febrero de 2017 se registró una desaceleración de los activos tanto en posición propia como administrada, en comparación con lo observado en agosto de 2016. Con respecto a la composición del portafolio propio y de terceros, las inversiones se concentraron principalmente en títulos de deuda pública y privada de emisores nacionales. Además, en el mismo período se observaron incrementos en el indicador de rentabilidad sobre activos (ROA) para todos los tipos de entidad. El análisis de los principales deudores del sistema financiero muestra que el sector corporativo presentó una disminución en el endeudamiento como porcentaje del PIB durante 2016. En el caso del sector privado, la reducción obedeció a que el endeudamiento con instituciones financieras nacionales creció a un ritmo menor que el producto y a que el fondeo con proveedores del exterior se redujo a causa de la apreciación de la tasa de cambio. En el caso del sector público, la disminución se dio por un menor financiamiento en moneda extranjera con entidades financieras nacionales y por una reducción, debido a la apreciación del peso, del saldo de bonos emitidos en el exterior y del endeudamiento con entidades bilaterales. El endeudamiento de los hogares se aceleró entre agosto de 2016 y febrero de 2017, principalmente en la modalidad de consumo. La dinámica anterior estuvo acompañada de una relativa estabilidad en el indicador de carga financiera calculado a nivel agregado. Por su parte, el ICM y el ICR presentaron incrementos durante este periodo, destacándose el deterioro de los créditos de libre inversión. En relación con el riesgo de mercado, la principal exposición por parte de las entidades financieras estuvo concentrada en el mercado de renta fija. Estos títulos mostraron valorizaciones durante el último semestre de 2016 y los primeros meses de 2017, impulsadas por un mayor apetito por riesgo a nivel mundial y por cambios en la postura de política monetaria local. Durante la segunda mitad de 2016 el mercado de renta variable presentó un comportamiento estable debido a la baja volatilidad del precio del petróleo. El indicador de riesgo de liquidez (IRL) muestra que los EC contaron con niveles adecuados de recursos líquidos para cumplir con sus obligaciones de corto plazo. Por su parte, la dinámica de los pasivos y el patrimonio de los EC continuó con la tendencia decreciente presentada desde mediados de 2015, destacándose la contribución negativa de los depósitos a la vista, las operaciones pasivas del mercado monetario, y los créditos de bancos y obligaciones financieras. Por otro lado, se resalta que los depósitos a término fueron el componente del pasivo que más aportó positivamente al crecimiento real anual del fondeo. Por último, el ejercicio de sensibilidad propuesto evaluó la resiliencia de los EC ante un escenario negativo (y poco probable), con un choque sobre la inversión, una caída en la confianza global sobre la economía colombiana y la materialización de un conjunto de riesgos para el sistema (riesgo de crédito, riesgo de mercado y riesgo de fondeo). Los resultados indican que el impacto del escenario hipotético sobre la solvencia total de los EC tendría una magnitud moderada. Al mismo tiempo, se observarían ciertos efectos negativos sobre el volumen de la cartera, su calidad y la rentabilidad del negocio de intermediación. Lo anterior muestra la importancia de continuar con el monitoreo cuidadoso de la situación financiera de deudores y entidades.
    Reportes, Boletines e Informes. 2017-05-30
    Financial Stability Report - I Semester 2017
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    Inflation Report June 2018
    (Banco de la República) Office of the Deputy Technical Governor; Vargas-Herrera, Hernando; Huertas-Campos, Carlos Alfonso; Parra-Amado, Daniel; Cobo-Serna, Adolfo León; Amador-Torres, Juan Sebastián; Caicedo-García, Edgar; Cárdenas-Hurtado, Camilo Alberto; Cote-Barón, Juan Pablo; Martínez-Cortés, Nicolás; Rojas, Carlos Daniel; Galeano-Ramírez, Franky; Pérez-Amaya, Julián Mauricio; Calderón-López, Luis Hernán; López, David Camilo; Prieto-Sánchez, María Alejandra
    Reportes, Boletines e Informes. 2018-11-14
    Inflation Report - June 2018
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    Monetary Policy Report - October 2024
    (Banco de la República) Office of the Deputy Technical Governor; Office for Monetary Policy and Economic Information; Programming and Inflation Department; Inflation Section; Macroeconomic Programming Section; Macroeconomic Modeling Department; Forecasting Section; Models and Capacities Development Section
    Inflation continues to decline, although it is still above the 3% target. Monetary policy measures and correcting factors that pushed prices up are helping inflation to continue approaching the target. Economic activity is recovering to a sustainable level, unemployment has decreased, and the external deficit continues to reduce. The monetary policy interest rate is compatible with inflation being close to the target by the end of 2025 and with the gradual recovery of economic growth. In the third quarter, headline inflation continued to decrease and is expected to continue doing so gradually to reach 3.0% by the end of 2025. In September, headline inflation decreased more than expected, standing at 5.8%, and it is projected to be 5.3% by the end of 2024. The decrease in the inflation projection is mainly due to the improvement in the supply of processed foods, lower adjustments in electricity and fuel prices, and declining international costs that favored the behavior of some goods prices. Service prices, particularly rents and food away from home, showed a slower pace of deceleration due, in part, to the effect of indexation. Inflation expectations show a downward trend over time, reinforcing a decreasing dynamic of inflation towards the target by the end of 2025. The expected decrease in inflation would continue to reflect the accumulated effects of monetary policy decisions and the correction of factors that pushed prices up in the past. The forecasts continue to face high uncertainty related to exchange rate variations, which are at the same time conditioned by volatility in international financial conditions and the challenges of fiscal adjustment in Colombia. Other relevant uncertainty factors are the pace of deceleration in the prices of some services such as rents, the behavior of food prices and some regulated goods and services, and the increase in the minimum wage for next year. Economic activity continues to show a recovery path compatible with the convergence of inflation to the 3% target. In 2024 and 2025, the Colombian economy is expected to grow by 1.9% and 2.9%, respectively. The Colombian economy has been gaining momentum throughout the year, a trend that is expected to continue over the course of the year. This recovery is mainly due to higher household consumption, supported by less restrictive monetary policy, better disposable income, and lower financial burden. A greater contribution from public civil works also explains the recovery. By 2025, the economy is expected to continue strengthening and reach a level close to its productive capacity, a behavior compatible with the convergence of inflation to the 3% target. This behavior would occur in the context of less restrictive domestic and foreign monetary policy. The unemployment rate remains low compared to the past, while employment has increased. Economic recovery and labor market resilience suggest that monetary policy decisions have contributed to sustainable growth and a reduction in inflation. Volatility in international financial conditions and the challenges of fiscal adjustment in Colombia are uncertainty factors for economic activity performance. The downward trend in inflation and its expectations has allowed the continued lowering of the monetary policy interest rate, which now stands at 9.75%. At its October meeting, the Board of Directors of the Banco de la República decided, by majority, to reduce the monetary policy interest rate by 50 basis points (bp), accumulating a reduction of 350 bp since December 2023. However, inflation and some of its expectations remain above the target, indicating the need to maintain a still contractionary monetary policy stance to bring inflation to its 3% target. Monetary policy decisions continue to support the sustainable recovery of economic growth and maintain the necessary prudence in light of persistent risks regarding inflation behavior. Box 1 - Evolución reciente del IPC de arriendos en Colombia (only in Spanish) Cárdenas, Julián; Rodríguez, Nicol Descargar PDF Box 2 - Expectativas de inflación y su grado de anclaje: ¿qué se puede inferir de las expectativas derivadas del mercado de deuda pública en Colombia? (only in Spanish) Muñoz-Martínez, Jonathan Alexander; Parra, Daniel Descargar PDF Box 3 - Comportamiento reciente de los ingresos externos por remesas recibidos en Colombia (only in Spanish) Sandoval-Herrera, Diego; Hernández-Peñaloza, Mateo
    Reportes, Boletines e Informes. 2024-11-06
    Informe de Política Monetaria - Octubre 2024
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    Inflation Report - December 2018
    (Banco de la República) Office of the Deputy Technical Governor; Vargas-Herrera, Hernando; Office of the Deputy Governor for Monetary Policy and Economic Information; González-Gómez, Andrés; Programming and Inflation Department; Huertas-Campos, Carlos Alfonso; Cobo-Serna, Adolfo León; Caicedo-García, Edgar; Cárdenas-Hurtado, Camilo Alberto; Cote-Barón, Juan Pablo; Galeano-Ramírez, Franky; Martínez-Cortés, Nicolás; Rojas, Carlos Daniel; Pérez-Amaya, Julián Mauricio; Calderón-López, Luis Hernán; López, David Camilo; Salazar-Diaz, Andrea; Gaitán-Maldonado, Celina; Restrepo-Ángel, Sergio; Parra-Amado, Daniel
    En diciembre de 2018 la inflación y todas las medidas de inflación básica descendieron y se situaron cerca de la meta del 3%. Las expectativas de inflación a uno y más años se encuentran alrededor de 3,5%. Las nuevas cifras de actividad económica para el último trimestre de 2018 sugieren que el crecimiento económico se sigue recuperando desde niveles de producto inferiores a la capacidad productiva del país. La postura actual de la política monetaria es ligeramente expansiva.
    Reportes, Boletines e Informes. 2018-02-15
    Inflation Report - December 2018
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    Financial Infrastructure Report 2023
    (Banco de la República) Office of the Deputy Technical Governor; Vargas-Herrera, Hernando; Office for Monetary Operations and International Investments; Murcia-Pabón, Andrés; Financial Infrastructure Oversight Department; Machado-Franco, Clara Lía; Cadena-Silva, Carlos Alberto; Cepeda-López, Freddy Hernán; Lemus-Esquivel, Juan Sebastián; Jeferson Marín; Mariño-Martínez, Jorge Ricardo; Martínez-Ventura, Constanza; Miguélez-Márquez, Javier; Ciceri-Lozano, Aura María; Villalobos-Pérez, Jhonatan
    Introduction The Financial Infrastructure Report is a product of Banco de la República’s (Banrep) continuous efforts to scrutinize financial market infrastructures (FMIs) in Colombia, besides being a contribution to analyzing and monitoring the country’s financial stability. If FMIs are not managed properly, they can pose significant risks to the financial system and be a possible source of contagion, especially in periods of market stress. The domestic financial infrastructure during 2022 was safe and efficient, allowing the payment system and financial markets to operate normally, which lent stability and confidence to its participants. This 2023 edition of the Report includes analysis on the mitigation of intraday liquidity risk in the large-value payment system (CUD), as well as credit and liquidity risk based on countercyclical practices for the management of initial and variation margins in the Cámara de Riesgo Central de Contraparte S.A. (CRCC). In addition, the Report addresses two topics that are at the center of international debate. The first deals with cyber risk, an issue that cuts across the entire domestic financial infrastructure. It is considered one of the most relevant risks; therefore, its effective management has been the focus of recommendations by multilateral organizations. On this occasion, a section is included that outlines these recommendations and focuses on highlights in local progress towards achieving substantial levels of cyber resilience in the Colombian payment system. It is worth noting that Banco de la República is moving forward with a research agenda to quantify the impact instances of cyber risk could have on the payment system and on financial stability. The second topic addresses the need to analyze the adoption of special frameworks for orderly settlement on the part of central counterparties (CCPs), so as to mitigate systemic risk, recognizing the role these types of entities play in the development of markets and financial stability, as well as their essential contribution to mitigating counterparty and liquidity risks. As for retail payments, the use of electronic payment instruments rose significantly in value during 2022 compared to 2021. Transactional data shows the increase in the use of electronic transfers, both intra- and interbank, was particularly important, having become an object of greater innovation, as evidenced, for example, by the use of mobile wallets. Although the adoption for electronic transfers and debit and credit cards has increased in Colombia over the last ten years, compared to other economies, the country still has low levels in this respect. According to the most recent survey on perception of the use of payment instruments conducted by Banrep (2022), cash continues to be the instrument most used by Colombians for regular payments involving small amounts. This points to an important area for increasing the adoption of digital payments, which would materialize with implementation of the different initiatives the industry and the financial authorities (Ministry of Finance-URF, the Office of the Financial Superintendent of Colombia and Banco de la República) are carrying out to develop the instant payments ecosystem. On the other hand, analyses of the risks associated with crypto assets, which are understood as alternatives to the regulated assets in the traditional financial system, but traded in an unregulated digital environment, are also relevant. In this respect, the Report looks at the potential risks that could arise from the added adoption of stablecoins in economies, specifically in a global context where authorities are studying possibilities for using different mechanisms to contain the risks inherent in crypto assets. The third section of the Report deals with aspects such as smart contracts and programmable money, which are innovations that could be considered in an eventual issue of digital currencies by central banks. In keeping with the previous editions of this Report on matters related to central bank digital currencies (CBDC), this edition explains how these two technological functionalities could accompany the design of a retail CBDC, as well as some of the risks that should be considered. Also addressed in this section is the topic of standardized messaging, which is a trend in the field of payments. Reference is made to the United Kingdom’s experience with the adoption of standardized messaging, and its contributions to interoperability.
    Reportes, Boletines e Informes. 2023-12-14
    Financial Infrastructure Report - 2023
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    Quarterly Update of the Financial Stability Report – September 2024
    (Banco de la República) Office of the Deputy Technical Governor; Office for Monetary Operations and International Investments; Financial Stability Department
    This document provides an update on the main risks faced by the local financial system. It assesses the quarterly evolution of vulnerabilities identified in the Financial Stability Report for the first half of 2024: i) sudden changes in global financial conditions; ii) materialization of credit risk; and iii) deterioration in the performance of financial institutions. Additionally, this update seeks to inform financial market participants and the public about the main risk mitigants and to present the in-depth analyses that will be featured in the Special Reports on Financial Stability and the Financial Stability Report for the second half of 2024.
    Reportes, Boletines e Informes. 2024-09-17
    Actualización trimestral del Reporte de Estabilidad Financiera – Septiembre de 2024
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    Monetary Policy Report - April de 2021
    (Banco de la República) Office of the Deputy Technical Governor; Vargas-Herrera, Hernando; Office for Monetary Policy and Economic Information; Ospina-Tejeiro, Juan José; Programming and Inflation Department; Huertas-Campos, Carlos Alfonso; Inflation Section; Cobo-Serna, Adolfo León; Caicedo-García, Edgar; Cote-Barón, Juan Pablo; Martínez-Cortés, Nicolás; Rojas, Carlos Daniel; Pulido-Mahecha, Karen L.; Macroeconomic Programming Section; Garavito-Acosta, Aarón Levi; Calderón-López, Luis Hernán; González, Camilo; Salazar-Diaz, Andrea; Galeano-Ramírez, Franky; Forecasting Process Management Section; Gaitán-Maldonado, Celina; Restrepo-Ángel, Sergio; Forecasting Section; Hamann-Salcedo, Franz Alonso; Macroeconomic Modeling Department; Pérez-Amaya, Julián Mauricio; Romero-Chamorro, José Vicente; Forero-Alvarado, Santiago; Moreno-Arias, Nicolás; De Castro-Valderrama, Marcela; Naranjo-Saldarriaga, Sara; Consultant and Researchers associated with the Macro-Economic Models Department; Guarín-López, Alexander
    Reportes, Boletines e Informes. 2021-07-07
    Monetary Policy Report - April 2021
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    Financial Stability Report - First Half of 2022
    (Banco de la República) Office of the Deputy Technical Governor; Vargas-Herrera, Hernando; Office for Monetary Operations and International Investments; Cardozo-Ortiz, Pamela Andrea; Financial Stability Department; Osorio-Rodríguez, Daniel Esteban; Liquidity Support and Risk Control Section; Cardozo-Alvarado, Nathali; Systemic Risk Surveillance Section; Cabrera-Rodríguez, Wilmar-Alexander; Cely-Fernández, Jorge Humberto; Chipatecua-Peralta, Orlando; Clavijo-Ramírez, Felipe; Gamba-Santamaría, Santiago; Gómez-Molina, Andrés Camilo; Gualtero-Briceño, Daniela; Meneses-González, María Fernanda; Lizarazo-Cuellar, Angélica María; Narváez, Alida; Piñeros-Gordo, José Hernán; Pirateque-Niño, Javier Eliecer; Rodríguez-Novoa, Daniela; Sánchez-Quinto, Camilo Eduardo; Sarmiento-Paipilla, Néstor Miguel; Segovia-Baquero, Santiago David
    Reportes, Boletines e Informes. 2023-09-25
    Financial Stability Report - First Half 2022
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    Monetary Policy Report, October 2023
    (Banco de la República) Office of the Deputy Technical Governor; Office for Monetary Policy and Economic Information; Programming and Inflation Department; Inflation Section; Macroeconomic Programming Section; Forecasting Process Management Section; Macroeconomic Modeling Department; Forecasting Section; Models and Capacities Development Section
    Reportes, Boletines e Informes. 2023-12-21
    Informe de Política Monetaria - October 2023
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    Inflation Report September 2018
    (Banco de la República) Office of the Deputy Technical Governor; Vargas-Herrera, Hernando; Office of the Deputy Governor for Monetary Policy and Economic Information; González-Gómez, Andrés; Programming and Inflation Department; Huertas-Campos, Carlos Alfonso; Cobo-Serna, Adolfo León; Caicedo-García, Edgar; Cárdenas-Hurtado, Camilo Alberto; Cote-Barón, Juan Pablo; Galeano-Ramírez, Franky; Martínez-Cortés, Nicolás; Rojas, Carlos Daniel; Pérez-Amaya, Julián Mauricio; Calderón-López, Luis Hernán; López, David Camilo; Gaitán-Maldonado, Celina; Restrepo-Ángel, Sergio; Parra-Amado, Daniel
    En el tercer trimestre de 2018 la inflación se incrementó menos que lo esperado por los analistas y por el equipo técnico del Banco, y se mantuvo cerca de la meta del 3%. Las expectativas de inflación a uno y más años aumentaron levemente y oscilan entre 3,3% y 3,5%. El crecimiento de la economía en el tercer trimestre habría sido similar al registrado en la primera mitad del año (2,6%), con mayor capacidad subutilizada que en 2017.
    Reportes, Boletines e Informes. 2018-11-15
    Inflation Report - September 2018
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    Monetary Policy Report - January 2020
    (Banco de la República) Office of the Deputy Technical Governor; Vargas-Herrera, Hernando; Office of the Deputy Governor for Monetary Policy and Economic Information; Ospina-Tejeiro, Juan José; Programming and Inflation Department; Huertas-Campos, Carlos Alfonso; Cobo-Serna, Adolfo León; Caicedo-García, Edgar; Cote-Barón, Juan Pablo; Martínez-Cortés, Nicolás; Rojas, Carlos Daniel; Pulido-Mahecha, Karen L.; Garavito-Acosta, Aarón Levi; Calderón-López, Luis Hernán; González, Camilo; Salazar-Diaz, Andrea; Galeano-Ramírez, Franky; Gaitán-Maldonado, Celina; Restrepo-Ángel, Sergio; Parra-Amado, Daniel; Hamann-Salcedo, Franz Alonso; Pérez-Amaya, Julián Mauricio; Romero-Chamorro, José Vicente; Forero-Alvarado, Santiago; Moreno-Arias, Nicolás; De Castro-Valderrama, Marcela; Naranjo-Saldarriaga, Sara; Guarín-López, Alexander; Anzola, César; Méndez-Vizcaíno, Juan Camilo
    Reportes, Boletines e Informes. 2020-02-28
    Monetary Policy Report - January 2020
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    Monetary Policy Report - April 2025
    (Banco de la República) Office of the Deputy Technical Governor; Office for Monetary Policy and Economic Information; Programming and Inflation Department; Inflation Section; Macroeconomic Programming Section; Macroeconomic Modeling Department; Forecasting Section; Models and Capacities Development Section
    Reportes, Boletines e Informes. 2025-05-06
    Monetary Policy Report - April 2025
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    Financial Stability Report - First Half of 2019
    (Banco de la República) Office of the Deputy Technical Governor; Vargas-Herrera, Hernando; Office for Monetary Operations and International Investments; Cardozo-Ortiz, Pamela Andrea; Financial Stability Department; Osorio-Rodríguez, Daniel Esteban; Systemic Risks Section; Mendoza-Gutiérrez, Juan Carlos; Cabrera-Rodríguez, Wilmar-Alexander; Cardozo-Alvarado, Nathali; Cely-Fernández, Jorge Humberto; Gamba-Santamaría, Santiago; Jaulín-Méndez, Oscar Fernando; Lizarazo-Cuellar, Angélica María; Mariño-Montaña, Juan Sebastián; Meneses-González, María Fernanda; Quicazán-Moreno, Carlos Andrés; Segovia-Baquero, Santiago David; Yanquen, Eduardo
    This Financial Stability Report presents the appreciation of Banco de la República (the Central Bank of Colombia) on the recent performance of credit institutions and their debtors, as well as on the main risks and vulnerabilities that could have some effect on the financial stability of the Colombian economy. The Report intends to inform both participants in financial markets and the general public, besides promoting public debate on the trends and risks that may affect the financial system. The results herein presented also serve the monetary authority as an input in their decision-making to promote financial stability within the general context of the objectives of price stability and macroeconomic stability. 1. The financial system completed the process of adjustment to the macroeconomic shocks that have been observed since 2014: - Credit Risk - Lower profitability than the historical average - Low credit growth 2. The Colombian economy has a resilient financial system. This, together with recent advancements in prudential regulation, make it unlikely that domestic credit conditions may become a source of macroeconomic disturbance. 3. The economic recovery has allowed for: - Lower growth of non-performing loans - Lower growth of risky loans - Recovery of profitability - A trend towards a slight recovery in credit growth 4. The expected widening of the current account deficit of the Colombian economy and the latent risk of lower-than-expected growth for some trading partners pose vulnerabilities that, in the face of negative shocks, could affect the stability of the financial system. 5. Credit risk continues to materialize in sectors such as construction and agriculture; at the same time, its intensity has reduced in housing debt. Box 1. Indicator of Additional Probability of Recession Box 2. Aggregate Vulnerability Indicator Box 3. Indicator of Financial Conditions Box 4. The Role of the Supervisor in the Reversal of the Recent Deterioration in the Loan Portfolio Box 5. An Analysis of Financial Vulnerability using the Heuristic Method Box 6. Foreign Exchange Position and Capital Adequacy Ratio Box 7. Considerations Regarding the Memory of Credit Bureaus
    Reportes, Boletines e Informes. 2025-05-28
    Financial Stability Report - First Half of 2019
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    Financial Stability Report - First Semester of 2020
    (Banco de la República) Banco de la República de Colombia; Echavarría, Juan José; Office of the Deputy Technical Governor; Vargas-Herrera, Hernando; Office for Monetary Operations and International Investments; Cardozo-Ortiz, Pamela Andrea; Financial Stability Department; Osorio-Rodríguez, Daniel Esteban; Systemic Risks Assessment Section; Cabrera-Rodríguez, Wilmar-Alexander; Liquidity Support and Risk Control Section; Cardozo-Alvarado, Nathali; Cely-Fernández, Jorge Humberto; Clavijo-Ramírez, Felipe; Gamba-Santamaría, Santiago; Gómez-Molina, Andrés Camilo; Gualtero-Briceño, Daniela; Mariño-Montaña, Juan Sebastián; Meneses-González, María Fernanda; Narváez, Alida; Rodríguez-Novoa, Daniela; Sánchez-Quinto, Camilo Eduardo; Sarmiento-Paipilla, Néstor Miguel; Segovia-Baquero, Santiago David; Yanquen, Eduardo
    Reportes, Boletines e Informes. 2021-03-03
    Financial Stability Report - I Semester 2020
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    Financial Infrastructure and Payment Instruments Report 2024
    Office of the Deputy Technical Governor; Vargas-Herrera, Hernando; Office for Monetary Operations and International Investments; Murcia-Pabón, Andrés; Financial Infrastructure Oversight Department; Machado-Franco, Clara Lía; Cadena-Silva, Carlos Alberto; Cepeda-López, Freddy Hernán; Ciceri-Lozano, Aura María; Marin-Giraldo, Jefferson Dario; Mariño-Martínez, Jorge Ricardo; Martínez-Ventura, Constanza; Miguélez-Márquez, Javier Iván; Ramírez Torres , Carlos Eduardo; Velásquez-Santos, Diana Carolina; Villalobos-Pérez, Jhonatan
    During 2023, the local financial infrastructure provided its services normally, demonstrating its proper functioning. Thanks to efficient management, the infrastructure provided stability and confidence to participants in the payment system and financial markets. The activity of the large-value payment system of Banco de la República (the Central Bank of Colombia, Banrep), through the Deposit Accounts System (CUD in Spanish), increased compared to the previous year, as a result of greater transactions in the public debt market (sell/buy-backs and purchase/sales), expansion repos, and direct transfers of funds between participants. Similarly, there was greater dynamism in other financial market infrastructures, such as the Central Securities Depository (CSD) and the Central Counterparty Clearing House (CCP), reflecting an increase in flows in local financial markets. In the retail payments market, according to the most recent survey by Banco de la República (2023), cash remains the most used for low amount routine payments by Colombians. The most important reasons explaining cash preference are the ease and speed of paying, and the tradition of users to make low-cost purchases. However, the share of cash in routine purchases decreased in favor of greater use of electronic payment instruments, such as electronic funds transfers and debit and credit cards, which increased significantly in 2023, continuing its growth path of recent years. This edition of Report includes a new section on payment instruments, which presents a complete overview of trends in the use of different instruments, as well as international comparisons. Consequently, as of this edition the name of this publication changes to Report on Financial Infrastructure and Payment Instruments (RIFI in Spanish). The payments industry in the goods and services market is constantly evolving and innovating throughout its value chain. There is a tendency in the world to move towards immediacy in payments and towards the creation of new payment initiation options for electronic funds transfers and the use of electronic commerce. Colombia has not been oblivious to these trends, which is why these issues are addressed in this edition of RIFI. At the end of 2023, a new private initiative system called Entre-Cuentas, offered by Redebán, began to operate, which helps facilitate payments from people to businesses. Banco de la República, for its part, is advancing all the necessary developments to guarantee the full interoperability of the instant payments ecosystem through instruments complementary to those developed by the private sector, which will become operational in 2025. In that context, Banco de la República will create its own instant payments chamber and provide existing chambers with centralized directory and real-time settlement services (Operational Settlement Mechanism). The latter will contribute to mitigate the settlement, credit, and system liquidity risks. In addition to monitoring the performance and operation of the payment system in figures, this RIFI has developments in applied research to detect possible challenges to financial stability that could arise from problems or disruptions in financial market infrastructures (FMI). In particular, some results of simulation exercises are presented in order to make the first approximations to estimate potential effects of simultaneous cyberattacks on systemically important entities in the Deposit Accounts System (CUD) or on the telecommunications providers of the participants in that system. The results of these exploratory years indicate that, in the face of a hypothetical and extreme scenario, it would be possible for significant defaults to be caused in the payment system. However, the effects would largely depend on the active reactions of CUD participants, by continuing to make payments with the available liquidity, thereby mitigating the effect on the payment system. In addition, a series of recommendations are proposed to promote higher levels of cyber resilience. Finally, this RIFI describes some international projects and initiatives aimed at understanding in depth the possible use of wholesale digital currency issued by central banks (known as wCBDC). Such a digital currency would essentially consist of tokenizing deposits of financial institutions in the central bank and could help lower costs, increase speed, and improve the clearing and settlement of wholesale payments between such entities. Similarly, the wCBDC could complement the traditional channels through which cross-border payments are processed, thus helping to reduce inefficiencies and costs in these payments. It should be noted that Banco de la República recently published on its website a document discussing the relevance of issuing in Colombia a central bank digital currency. The document concludes that, in contrast to the issuance of wCBDCs (which may contribute to the development of payments in the future), a retail central bank digital currency (rCBDC) could generate significant risks and it is not clear that its eventual benefits will be greater than those that can be expected from an interoperable instant payments system such as the one to be launched by Banrep in 2025.
    Reportes, Boletines e Informes. 2025-08-22
    Financial Infrastructure and Payment Instruments Report 2024