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2. Macro and country context: Colombia

Macro and country context for investors in Colombia: the constitutional rules that make Banco de la República an autonomous central bank and limit its lending to the State, the 3 percent inflation target and the policy rate, the fiscal rule with its debt anchor and limit and the escape clause now in use, and the latest official figures from Banco de la República, DANE, the Ministry of Finance and the Autonomous Fiscal Rule Committee.

Investor view. A central bank whose autonomy sits in the Constitution and which has raised rates to defend its target, a legislated debt limit watched by an independent fiscal council, and a market set exchange rate give private capital transparent rules to price Colombian risk and growth.

Colombia macro at a glance: the rules behind rates, inflation, the budget and the pesoColombia runs inflation targeting through Banco de la República, whose autonomy and limits on lending to the State are written into the 1991 Constitution, and caps central government debt with a fisca