• TRM (USD/COP)COP 3,228.26 +0.22% +COP 7.07Colombia's official exchange rate (Financial Superintendence), valid Nov 6 to Nov 6
  • EuroCOP 3,604.34 -0.31% -COP 11.12Reference: TRM crossed with the European Central Bank rate of Nov 6; not the market quote
  • Mexican pesoCOP 172.60 -0.39% -COP 0.67Reference: TRM crossed with the European Central Bank rate of Nov 6; not the market quote
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BanRep minutes: three directors warn that delaying rate hikes would cost output and jobs

FinanceColombiaLa FMAI summary
Image: La FM

Minutes published on November 5 show that three members of the Banco de la República board warned that postponing the rate hikes needed to contain inflation would raise future costs in output and employment. Four directors backed holding the rate at 12.25% and three voted for a 25-basis-point increase to 12.50%. The majority asked for more information on demand moderation and the effects of El Niño before moving.

In 45 seconds

  • The policy rate was held at 12.25%, with four votes for the pause and three for a 25-basis-point hike to 12.50%.
  • The three directors who sought a hike aim to restore credibility in the 3% inflation target and warn that delaying adjustments makes future output and employment more costly.
  • The majority deemed it prudent to wait for more information on core inflation, which fell from 6.1% in August to 6.0%, and on the effects of El Niño.
Read the full story at La FM

IASummary generated by artificial intelligence from a story by La FM. It may contain errors: the original source prevails.

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