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At their September meeting, The Board of the Central Bank again agreed to maintain the monetary policy rate at 0.5%, in addition to maintaining unconventional measures to support liquidity and credit.
They regret that the fall in Imacec (-15.3%) hits almost all sectors, although they assume that exports “show a degree of resilience greater than expected, at the same time that imports show some stabilization in their levels after the sharp falls of the previous months ”.
Regarding business and consumer expectations, they affirm that they remain pessimistic, in addition to highlighting the fall in employment, the reduction in hours worked and wages in the labor market.
Regarding the external scenario, state that it has improved due to the situation of some countries that have reactivated their activities, “What is visible in the indicators of industrial production, retail sales, the labor market and expectations of both households and companies.”
Thus, they highlight the value of copper, which has approached US $ 3 a pound, although they acknowledge that at a general level “activity levels remain well below those prior to the health emergency.”
“Regarding credit, in June, the annual variation of commercial loans continued to increase, at the same time that it continued to decrease in consumption. Interest rates remain low in all segments ”, they add.
Finally, they close by reiterating that the Board of the Central Bank “will maintain a high monetary impulse for a prolonged period of time, in order to ensure the fulfillment of its objectives. In particular, it estimates that the MPR will remain at its technical minimum throughout the projection horizon and agreed to continue with the current asset purchase program, which will materialize in a purchase of up to US $ 1,500 million during the next four weeks ”.
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