El Banco de la República cerró el 2025 manteniendo las tasas de interés en 9,25%: las razones de la decisión

diciembre 20, 2025

TL;DR

Banco de la República kept interest rates at 9.25% in its last 2025 monetary policy meeting.
Four directors voted to keep rates unchanged, while two favored a 50 bps cut and one a 25 bps cut.
Inflation decreased from 5.5% in October to 5.3% in November but remained above the 2024 year-end level.
Core inflation (excluding food and regulated items) was 4.9%, below the 2024 year-end figure of 5.2%.
Future inflation expectations rose more than observed inflation.
GDP grew by 3.4% year-on-year in Q3, exceeding technical team forecasts.
Domestic demand, with a 5.6% expansion in total consumption, drove GDP growth.
The non-approval of the financing law is expected to lead to government actions to balance the 2026 National General Budget, with an economic emergency already announced.
The current account deficit widened to 2.4% of GDP in Q3, up from -1.5% in Q3 2024, primarily due to a deficit in the goods trade balance.
International financial conditions are loose following three consecutive interest rate cuts in the US, but geopolitical tensions remain high.
Future interest rate movements will depend on inflation, economic activity, and internal/external risk assessments.

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