The global environment faces geopolitical risks and the onset of the Trump 2.0 administration. Although Latin America is no stranger to uncertainty, it has shown resilience. Colombia is recovering amid global and domestic challenges, with persistent inflation that led the central bank to begin a tightening cycle.

For the fifth consecutive meeting, BanRep held the policy rate steady at 9.25% in a split decision. Although inflation eased in November, it remains above the target, in a context of dynamic domestic demand supported by high consumption.