The Banco de la República decided to maintain in the 13.25% the basic interest rate considering that although inflation has dropped, it is still high compared to the annual goal of 3%.
“The decision adopted by the Board of Directors in its session today is consistent with the objective of bringing inflation towards its goal of 3%,” the monetary authority said in a statement.
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According to the information, to make this decision it was taken into account that “annual inflation in June stood at 12.1%, one percentage point below that observed in December 2022”, which shows that progress continues in its control and is reflected in the “favorable evolution of expectations”.
“Despite the foregoing, inflation continues at high levels with respect to the target and the rigidity of core inflation excluding food and regulated prices persists, standing at 10.5% per year in June, a level similar to that observed in the months precedents,” added the Banco de la República, which had already kept the basic interest rate unchanged at its meeting last May.