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As expected by the market, the Board of Directors of the Bank of the Republic kept the interest rate at 4.5%; In fact, in the Monthly Economic Expectations Survey, the most frequently repeated value was the average of 4.23% among 40 analysts.
The decision was taken unanimously and took into account, mainly, the good behavior of inflation which stopped falling in May, to 3.16%, but with a perspective of stability.
According to Raúl Ávila Professor of Economics at the National University, this is an appropriate decision because "we already have confidence in an economic recovery", which is due to the The expectation of industrial production and the behavior of enterprises, for there is already some tranquility in electoral matters
. interviews are the slow recovery of the Colombian economy, the persistence of rising oil prices (which has already averaged $ 71 this year), as well as some inflationary pressures, such as the price of food and a sharp depreciation of the peso, as reported by the manager of the Issuer, Juan José Echavarría .
However, the Council felt that there was no reason to change the outlook for gross domestic product by the end of this year, which should be 2.7%.
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