Finance

Fiscal Rescue Bill would raise VAT on electric and hybrid cars to 19%, making them 14% more expensive
The Fiscal Rescue Bill filed by the Ministry of Finance before Congress would eliminate the reduced 5% VAT rate for electric and hybrid vehicles and move them to the general 19% rate, a 14 percentage point surcharge for buyers. Electric vehicles currently pay 0% tariffs and HEV and PHEV models 5%, under Decrees 2051 of 2019 and 1116 of 2017. The bill also repeals Article 468-1 of the Tax Statute.
FinanceColombiaEl ColombianoOct 30AI
Colombia's central bank holds interest rate at 12.25%
The Board of Banco de la República voted by majority to keep the monetary policy interest rate at 12.25%, with four votes in favor and three directors backing a 25-basis-point hike to 12.50%. The central bank attributed the restrictive stance to recent consumer price behavior and risks to the cost of living, with annual inflation at 6.3% in September. It also flagged El Niño as the main upside risk for food and regulated services.
FinanceColombiaBlu RadioOct 30AI
Colombia's central bank holds interest rate at 12.25% in majority vote
The Board of Directors of Banco de la República decided to keep the interest rate unchanged for November, leaving it at 12.25%. Four directors voted to hold it and three voted for a 25-basis-point increase. The decision took into account that annual inflation in September edged up to 6.3%, below market expectations, and that analysts' expectations for December 2026 rose slightly to 6.9%.
FinanceColombiaZona CeroOct 30AI
Banco de la República to buy USD 2 billion from the government to bolster international reserves
The board of Banco de la República authorized the direct purchase of USD 2 billion from the national government as a complement to its international reserves accumulation program. The operation will be carried out through the Public Credit and National Treasury Directorate of the Ministry of Finance, will be executed over the remainder of 2026 and will be priced at the exchange rate in force on the day of the operation. The central bank is also considering offsetting measures to keep short-term interest rates in line with the policy rate.
FinanceColombiaEl EspectadorOct 30AI
Colombia's central bank holds interest rate unchanged at 12.25%
Banco de la República decided to keep its benchmark interest rate unchanged at 12.25%, the same level as at the previous meeting. According to the central bank, the decision comes amid the challenges facing the Colombian economy in inflation, growth and price stability, and aims to boost economic activity, encourage household consumption and ease access to credit. Governor Leonardo Villar and Finance Minister Miguel Gómez explained the reasons; Gómez did not take part in the press conference afterwards.
FinanceColombiaRevista SemanaOct 30AI
Regions deliver care recommendations to the Government for the 2026-2030 National Development Plan
UN Women and the Canadian Embassy convened the "National Dialogue for Care" with representatives of 20 territorial and national entities. The meeting delivered recommendations to the Government to link local care systems with the Milagro Social programmatic axis of the 2026-2030 National Development Plan, including mixed financing, a national care infrastructure program, a national governing entity and a single information system. According to UN Women, unpaid domestic and care work is equivalent to 19.9% of GDP.
FinanceColombiaRevista SemanaOct 30AI
Colombia's central bank holds its interest rate at 12.25% after a split vote
The board of Colombia's Banco de la República voted by majority to keep the policy rate at 12.25%, the highest level since March 2024. Annual inflation in September edged up to 6.29%, against a 3% target, while core inflation fell from 6.1% to 6%. The central bank said the El Niño phenomenon is an upside risk for food and regulated prices. Three directors sought another 25-basis-point hike.
FinanceColombiaEl EspectadorOct 30AI
Colombia's central bank holds interest rate at 12.25% after split vote
The board of Banco de la República decided to keep the monetary policy interest rate unchanged at 12.25%, with four votes in favor of holding it and three backing a 25-basis-point increase. The central bank cited annual inflation of 6.3% in September, core inflation of 6.0%, expectations of 6.9% for December 2026 and 4.0% over two years, El Niño risks, a slowdown in economic activity and the evolution of public finances. Finance Minister Miguel Gómez did not take part in the press conference.
FinanceColombiaEl ColombianoOct 30AI
Bogotá rents rose 4.97% through June, below the capital's inflation
According to the second-quarter Real Estate Dynamics report by the Lonja de Propiedad Raíz de Bogotá, using DANE data, effective rents in the capital rose 4.97% year-on-year through June, compared with CPI of 5.98% in Bogotá and 6.14% nationally. The guild recommended that landlords apply reasonable increases and consider tenants' payment capacity. Rent adjustments for urban housing contracts in 2026 have a legal cap of 5.1%, corresponding to 2025 CPI.
FinanceColombiaPulzoOct 30AI
Coffee growers question VAT hike on coffee to 19%: "Protecting its consumption is protecting our economy"
The manager of the National Federation of Coffee Growers, Germán Bahamón Jaramillo, questioned the Government's proposal to raise VAT on coffee from 5% to 19% starting in 2028, included in the Economic Rescue Bill (477 of 2026) filed in Congress. Bahamón warned that the increase could contract demand, hurt the domestic industry and lead consumers to replace Colombian coffee with cheaper imports. The guild asked for the measure to be reconsidered and defended domestic consumption.
FinanceColombiaEl ColombianoOct 30AI
Financial education, silver economy and Valle del Cauca reconstruction among Congress priorities
In a review of his first 100 days in Congress, representative for Valle del Cauca Santiago Castro highlighted progress on a school financial education bill, approved unanimously in first debate and ready for the Chamber's plenary, and on a "silver economy" initiative to create jobs and entrepreneurship for older adults, already filed. He also addressed the response to the August 10 earthquake, tax benefits for affected areas and oversight of the reconstruction and the Fondo Milagro.
FinanceColombiaEl TiempoOct 30AI
What the TRM is, how it is calculated and how it affects the Colombian peso
The Representative Market Exchange Rate (TRM) is the simple arithmetic average of the rates negotiated in dollar purchases and sales by supervised entities such as commercial banks, financial corporations, financing companies, brokerage firms, FDN and Bancoldex. Only operations in which both pesos and dollars are delivered on the same day are included. According to the cited information, one dollar equals 3,166.91 Colombian pesos.
FinanceColombiaPulzoOct 30AI
UCC and Unidad Solidaria agree on four lines of work to strengthen the solidarity economy
The Universidad Cooperativa de Colombia (UCC) and the Special Administrative Unit for Solidarity Organizations (UAEOS) advanced a joint agenda to strengthen the Social and Solidarity Economy during the International Meeting on Solidarity Economy and Social Innovation (ESIS). They identified four lines of work: creating an observatory with statistics and data on the sector; strengthening international relations and cooperation with other countries; using the UCC's multi-campus infrastructure to reach the regions; and reinforcing dialogue with the Consultative Committee on the Social and Solidarity Economy, ANALFE and CONFECOOP on the legislative agenda.
FinanceColombiaEl InformadorOct 30AI
Carrasquilla and Corficolombiana back the government's financial rescue bill
Former Finance Minister Alberto Carrasquilla backed the financial rescue bill from De la Espriella's government and called it "timely and necessary" to address the fiscal deficit. In an interview with La FM, he warned that delaying the adjustment could bring costlier consequences. César Pavón of Corficolombiana highlighted that about 70% of the fiscal effort would come from cutting public spending and asked not to focus the debate only on VAT.
FinanceColombiaLa FMOct 30AI
Government files fiscal adjustment bill under the banner of an "economic rescue"
The government filed a fiscal adjustment bill in Congress that, according to economist Luis Fernando Mejía, amounts to 2.32% of GDP in 2027 and 4.20% in 2030, with tax and parafiscal revenue as the largest component. The country accumulates a monthly deficit of COP 11 trillion and could close 2026 at 8.2% of GDP. Vice President José Manuel Restrepo said 70% of the adjustment will come from cuts to the state.
FinanceColombiaEl EspectadorOct 30AI
Skandia manages 51 trillion pesos for 315,000 clients and bets on turning savings into investment
Skandia, with more than 70 years in Colombia, manages over 51 trillion pesos for 315,000 clients and aims to channel those savings into companies, housing and productive projects. The firm has about 1,600 financial advisors, more than 50 portfolios and financial education tools such as Skandia Channel and Womento. Its collective investment fund assets grew 51.84% so far this year, the largest increase among the 18 fiduciaries in the Asofiduciarias report.
FinanceColombiaRevista SemanaOct 29AI
Fenalco says the 2027 minimum wage increase should not exceed 9%
Fenalco president Jaime Alberto Cabal said the minimum wage increase for 2027 should be around 9%, though he noted the figure will depend on inflation at the end of this year and on productivity. The percentage matches the one raised by Grupo Cibest executive president Juan Carlos Mora, who defended the mechanism of inflation plus productivity and some additional points. The CUT announced it will initially propose a 38.5% increase.
FinanceColombiaEl País (Cali)Oct 29AI
Informality, artificial intelligence and tourism: the focus of the 2026 National Hotel Congress
The 32nd edition of the National Hotel Congress began this Thursday, October 29, at the Neomundo Convention Center in Bucaramanga. The sector faces a drop in hotel occupancy to 48.0% between January and August 2026, from 49.7% in the same period of 2025, according to Dane, with real revenue down 7.5% and employed staff down 4.7%. Cotelco executive president José Andrés Duarte flagged informality as the main challenge, and deputy minister Julián Felipe Franco discussed tourist and economic impact targets.
FinanceColombiaEl TiempoOct 29AI
FONCEP hosts 23 Honduran students in Bogotá to exchange experiences on social security
The Fondo de Prestaciones Económicas, Cesantías y Pensiones (FONCEP) hosted 23 students from the master's program in social security systems administration at the Universidad de Defensa de Honduras in Bogotá. The session, held under an agreement with the Ibero-American Social Security Organization (OISS), included presentations on economic benefits, severance payments and pensions, a talk on cybersecurity and the testimony of a pensioner. The delegation presented a commemorative plaque to the entity.
FinanceColombiaPulzoOct 29AI
Barranquilla: from bankruptcy under Law 550 to generating 64% of Atlántico's GDP
Barranquilla went from being bankrupt and under Law 550 in 2002 to positioning itself as one of the country's most competitive urban economies, according to a Semana feature. The district paid about 1.5 trillion pesos to creditors through 2018. Today it generates around 50 trillion pesos in added value, 64% of Atlántico's GDP, and its monetary poverty fell to 23.4% in 2026, though analysts warn of outstanding debts.
FinanceColombiaRevista SemanaOct 29AI