In its September session, the Board of Directors of the Bank of the Republic He decided to maintain the monetary policy interest rate by 9.25 %, a level in force since May of this year.
According to the minutes published by the entity, the decision was made by majority: Four members voted to maintain the current rate, while two supported a reduction of 50 basic points and one proposed a 25 basic points.
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This composition reflects that, although some members consider that there is room for a gradual adjustment, most chose to maintain a prudent position in the face of inflationary risks.
Interest rate
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The entity explained that The determination was adopted after analyzing the recent behavior of inflation, economic activity and international financial environment.
Inflation and economic activity
During the analysis, the Board took into account that in August 2025 the Total inflation was 5.1%while the basic inflation (which excludes food and regulated) was 4.8%both figures above the projections of the technical team.
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The report indicates that increases in perishable food prices and agricultural inputs such as fertilizers influenced this behavior, explaining that Although in the rest of goods and services inflation showed signals of moderation, pressures persisted in items such as leases and meals outside the home.
In contrast, the regulated prices (particularly those of public services) registered a slowdown, associated with lower adjustments in home electricity and gas.
Interest rate
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Regarding economic activity, the Board stressed that GDP grew 2.5% in the second quarter of the year, driven by an improvement in private investment and partial recovery of household consumption. They mention that they mention that Recent indicators suggest more dynamic behavior than anticipated at the beginning of 2025.
According to the Board, global financial conditions have relaxed in recent months, which has favored a reduction of the country risk premium and an appreciation of the exchange rate. However, warns that this behavior could be temporary due to the volatility of capital flows and monetary policy decisions in advanced economies.
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Likewise, it was noted that the disinflation trajectory towards the 3% goal could be slower than expected, due to external factors, variations in food prices and possible pressures derived from the negotiation of the minimum wage by 2026.
The Board emphasized that The evolution of inflation, the expectations of economic agents and growth performance will continue to monitor closely.
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