Economic growth projections also influenced the decision. The technical team of the Banco de la República revised its estimates, projecting growth of 1.4% for 2024 and 3.2% for 2025. These projections were based on the positive performance of some economic activities during the first months of the year.
However, concerns were observed in the labor sphere, with a slight upward trend in the unemployment rate until February 2024. In addition, the external context, particularly the economic situation in the United States, which shows persistent core inflation and above of the goal, was also considered.
The Board of Directors of the Bank of the Republic has reiterated its commitment to continue reducing the monetary policy interest rate to boost economic growth, while maintaining a policy stance in line with the objective of driving inflation to its goal in the middle of 2025. Future decisions will depend on the evolution of the economic situation and the availability of new information.