Finance

IMF backs economic rescue bill as Banco de la República calls for rigor in its review
The International Monetary Fund expressed support for the economic rescue bill submitted by Colombia's national government to Congress, calling it a significant step to address the fiscal challenges inherited by the new administration and to strengthen the country's fiscal sustainability. Banco de la República general manager Leonardo Villa asked for the bill to be studied rigorously, while the government warned of negative consequences if it is not approved. The legislative debate is set to begin in the coming weeks.
FinanceColombiaNoticias RCNNov 3AI
Parks and attractions in Colombia generated US$1.095 billion in 2024, according to IAAPA
Colombia's parks and attractions industry generated US$1.095 billion in revenue in 2024, 57% more than the US$698 million recorded in 2022, according to a study by the Global Association for the Attractions Industry (IAAPA). The country ranks sixth in sector revenue in the region. Visitors topped 11.2 million in 2024, 45.5% more than the previous year, and the offering reached 988 attractions, with museums and science centers as the largest group.
FinanceColombiaEl TiempoNov 3AI
President requests urgent congressional passage of fiscal adjustment bill
President Abelardo de la Espriella asked Congress to give urgent and insistent passage to the fiscal adjustment bill promoted by Finance Minister Miguel Gómez, citing Article 163 of the Constitution and Law 5 of 1992. The request, also signed by acting Interior Minister Iván Cancino, gives the bill full priority and convenes joint committee sessions. The initiative includes a 15% reduction in the state structure and tax adjustments that would affect the household basket.
FinanceColombiaPulzoNov 3AI
Black Friday 2026 in Colombia: set for Friday, November 27, with Cyber Monday on Monday the 30th
Black Friday 2026 in Colombia will take place on Friday, November 27, with brands often extending campaigns through Sunday the 29th, and Cyber Monday on Monday the 30th, focused on online shopping. Promotions concentrate on phones, computers, televisions, home appliances, clothing, footwear and toys. These dates have no mandatory calendar and are not organized by a state entity. The SIC recalls that retailers must clearly disclose prices and offer conditions, and that the right of withdrawal applies to distance purchases within five business days of delivery.
FinanceColombiaELHERALDO.CONov 3AI
Lucas Madriñán Leyva takes over as new CEO of RappiPay Colombia
RappiPay, the fintech of Rappi and Davivienda, appointed Lucas Madriñán Leyva as its new CEO in Colombia as of November 3, replacing Paolo Di Marco, who leaves the company after a year and a half in the role. Madriñán is an economist from Universidad de los Andes with an MBA from INSEAD, and worked at BCG and as vice president of product and marketing at Banco Falabella. The company aims to close 2026 with about 850,000 clients and reach 1.5 million in 2027.
FinanceColombiaRevista SemanaNov 3AI
Norte de Santander business groups ask president for security and economic recovery during Cúcuta visit
Representatives of business groups in Norte de Santander asked the president, during his visit to Cúcuta, for greater security, regional economic recovery and stronger trade relations with Venezuela. Border productive sectors outlined five axes: urban-rural security, attracting investment, fighting informality and smuggling, air and technological connectivity, and border infrastructure and logistics. Illegal fuel trade has cut legal sales by nearly 40% at several border points.
FinanceColombiaLa FMNov 3AI
VAT increase in the Fiscal Rescue Bill would push inflation up in 2027 and 2028
According to the explanatory memorandum of the Economic Rescue Bill, the tax changes could add up to 0.6 percentage points to inflation in 2027 and 1.4 points in 2028, driven by consumption taxes, VAT adjustments and health levies. The Ministry of Finance argues the pressure would be temporary and that from 2029 fiscal consolidation would help lower inflation, with an average effect of 0.4 points per year between 2027 and 2030.
FinanceColombiaEl ColombianoNov 3AI
Giro de Rigo 2026 left a $90 billion peso impact in Cali, according to City Hall
The Giro de Rigo 2026 drew more than 20,000 visitors to Cali and, according to official figures presented by Mayor Alejandro Eder, would have left an impact of about 90 billion pesos on the local economy, with 80% hotel occupancy and activity in hotels, restaurants, retail and tourism services. At the closing event, Eder formally submitted Cali's bid to host the 2027 edition, though the choice has not yet been confirmed. Rigoberto Urán received the Santiago de Cali Civic Merit Medal.
FinanceColombiaPulzoNov 3AI
How peso depreciation and appreciation affect Colombia's imports and exports
The nominal exchange rate indicates how many Colombian pesos are needed to buy one dollar, the currency predominantly used in international transactions, investments and external financing. When the rate rises, the peso depreciates and imports become more expensive; when it falls, the peso appreciates, foreign goods become cheaper and exporters receive fewer pesos for each dollar. The TRM, the average of purchase and sale operations agreed and settled the same day among supervised entities, is the official reference. According to the published figure, 1 dollar equals 3,182.99 pesos.
FinanceColombiaPulzoNov 3AI
Fiscal Adjustment Bill should not raise year-end consumption costs, sector analysis says
The Fiscal Adjustment Bill, which includes a tax reform and is expected to take effect in 2027, does not justify hotels, bars and restaurants raising prices during the year-end season, according to the text. Household consumption accounts for about 74% of GDP. Banco de la República kept its policy rate at 12.25% after its October meeting, and the Financial Superintendency certified the usury rate for consumer credit at 28.34% for November.
FinanceColombiaLa RepúblicaNov 3AI
From 8% to 38.5%: the race over Colombia's 2027 minimum wage hike speeds up
Even before the tripartite table is installed, business groups and workers have already put forward their proposals for the 2027 minimum wage increase. The CUT proposed a 38.5% raise, which would take the base wage from COP 1,750,905 to about COP 2,425,003 excluding transport allowance. On the business side, Bancolombia president Juan Carlos Mora proposed 8% to 9%; Fenalco pointed to around 9%; Andesco to a range of 8% to 9.5% and Fedetranscarga to 9.5%.
FinanceColombiaELHERALDO.CONov 2AI
Bancolombia proposes a 2027 minimum wage increase of between 8% and 9%
Bancolombia president Juan Carlos Mora considered a minimum wage increase for 2027 of between 8% and 9% reasonable, calculated on an annual inflation rate of 6.29% as of September 2026 and estimated productivity of 1.5 to 2 points. Fenalco agrees the increase should not exceed 9%, while union confederations would bring a request for 38.5%. Formal negotiations will take place between late November and December.
FinanceColombiaEl DiarioNov 2AI
Bogotá rents rose 4.97% year-on-year through June, below the city's inflation
Effective rents in Bogotá rose 4.97% year-on-year through June 2026, compared with a city CPI of 5.98%, according to the second-quarter Real Estate Dynamics report by the Lonja de Propiedad Raíz de Bogotá using DANE data. The Lonja asked landlords to moderate increases and assess tenants' ability to pay. For 2026, the annual adjustment of urban housing contracts has a legal cap based on 2025 CPI, of 5.1%.
FinanceColombiaPortafolioNov 2AI
Alta and inDrive partner to finance vehicles for app-based drivers in Medellín
Colombian fintech Alta and mobility platform inDrive signed an alliance to ease access to financing for work vehicles for digital app drivers in Medellín and the Aburrá Valley. Alta assesses repayment capacity using variables such as generated income, number of trips, ratings received and driver tenure. The offer includes private, cargo and special-service vehicles, plus motorcycle leasing with a purchase option. The fintech projects 50 billion pesos in loans in Medellín by 2027.
FinanceColombiaEl TiempoNov 2AI
Colombian business associations and the mirage of concord
An analysis reviews the history of Colombian business associations since the Sociedad de Agricultores de Colombia (1906) and the Federación Nacional de Cafeteros (1927). It describes their role in defending sector interests, their influence on public policy and their conflicts with governments, such as ANDI's opposition to Alfonso López Michelsen's economic opening in 1974 and the call for Ernesto Samper's resignation in 1996. It concludes that the relationship between business groups, political economy and democracy has been complex and changing.
FinanceColombiaRazón PúblicaNov 1AI
Colombia's 2027 minimum wage debate: from unions' 7% to CUT's 38.5%
Colombia's Permanent Commission for the Coordination of Salary and Labor Policies is discussing the 2027 minimum wage adjustment, with a gap of about 30 percentage points between proposals. Business groups and economists propose caps of between 7% and 10%, while the CUT proposes adding 32 points to inflation, which with inflation near 6.5% would give 38.5%. Banco de Bogotá calculates 8% and estimates the government could lean toward 8.5%. The commission must seek an agreement by December 15 or the government sets it by decree.
FinanceColombiaEl TiempoNov 1AI
Colombian peso-dollar rate seen trading between $3,160 and $3,250 in coming days, Global66 says
After the close of October and the decisions of Banco de la República and the Federal Reserve, Colombia's currency market begins a week in which the dollar is projected to trade in a range of $3,160 to $3,250, according to Daniel Londoño Tapia, Country Manager at Global66. The official exchange rate in force at the start of the week was set at $3,182.99. In the last week of October the currency rose $24.56 (0.78%), after a bearish trend of more than 5% during the month.
FinanceColombiaPortafolioNov 1AI
CDTs in Colombia: institutions offer up to 13.1% effective annual yield in November
CDTs begin November 2026 with yields of up to 13.1% effective annual rate, after the Banco de la República decided on October 30 to keep its policy rate at 12.25%, in a split vote with four directors in favor and three backing a 25-basis-point hike. According to MejorCDT, KOA offers 13.1% for 12 months from $250,000, Credifamilia 13% from $1,000,000 and Iris 12.65% from $100,000. The next Board meeting is on December 18.
FinanceColombiaEl DiarioNov 1AI
2027 minimum wage: Banco de la República weighs inflation and productivity ahead of negotiations
The debate over the minimum wage that will apply in Colombia from January 1, 2027, is shaping up as one of the country's main economic discussions. Banco de la República, which does not set the minimum wage and has not announced a percentage, monitors inflation, productivity and labor market conditions. Negotiations between the government, union confederations and business representatives will take place in the final months of 2026; without consensus, the Executive will set the increase by decree.
FinanceColombiaDiario del SurNov 1AI
De la Espriella government unveils "economic rescue law" with spending cuts and higher VAT
The government of Abelardo de la Espriella presented the "economic rescue law" to Congress, aimed at closing the fiscal gap through spending cuts and tax changes. According to Vice President José Manuel Restrepo, 70% of the adjustment will come from public spending and the state is promised to shrink by 15%. The law would improve public finances by COP 51 billion in 2027 and COP 122 billion in 2030. It includes eliminating VAT exclusions and exemptions, with a 19% rate for goods and services currently at 0% or 5%.
FinanceColombiaEl EspectadorNov 1AI