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At their monthly meeting, The Board of Directors of the Banco de la República decided this Friday to lower its interest rate once again, given the crisis the country is facing due to the coronavirus.
The sender reduced the rate by 50 basis points, which was 3.25%. In this way, the Bank continued the countercyclical drive of monetary policy.
The Issuer’s decision is in line with the forecasts, further suggesting that during the year rates would continue to fall from and that they could even reach a historical low of 2%.
Likewise, the Banco de la República took other measures this Friday in order to ensure the internal and external payments of the economy:
– Include the National Development Finance and the securitization companies so they can act as placement agents for OMAS.
– Make the operation of Transitional Liquidity Support more flexible with the Banco de la República.
– Increase the amount of exchange coverage by making a new auction sale of dollars through forward operations with financial compliance for a value of up to USD 1 billion.
– Renew the forward with financial compliance that expire before May 30, 2020.
– Continue to hold fx swaps auctions up to USD 400 million.
The lowering of interest rates, as well as these other measures, seek to mitigate the effects of the pandemic.
The entity will continue to monitor the situation permanently and will make the necessary decisions in the performance of its functions, to contribute to the proper functioning of the economy.
