Colombia | BanRep raises policy rate by 50 bps in December

Summary

Banco de la República increased the policy rate by 50 basis points, bringing it to 3.0%. The vote was split, with 4 members in favor of a 50 basis points increase and 3 in favor of 75 basis points.

Key points

• Key points:
• Staff revised inflation forecasts upward.
• The Staff ratified its GDP growth projection of 9.8% for 2021.
• The rate adjustment may be, for some meetings, more accelerated than seen so far.

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