The Colombian peso (COP) experienced a 2.1% appreciation during March 2026, driven by a recovery in global oil prices and key domestic developments. According to the latest analysis from Bancolombia (BVC: BCOLOMBIA / NYSE: CIB), the performance of the currency coincided with the results of national legislative elections and recent monetary policy adjustments by the Banco de la República.
Global energy markets recorded a significant increase in crude prices throughout the month. Brent crude rose 63% to end March at $118 USD per barrel, while West Texas Intermediate (WTI) increased 51% to close at $101 USD per barrel. These price movements have been largely attributed to geopolitical tensions in the Middle East, which continue to influence international commodity flows and investor sentiment.
On the domestic front, the Gran Coalición por Colombia primary election recorded a turnout of more than 5 million voters. Market analysts indicated that the high participation rate was viewed as a positive indicator of institutional stability. Simultaneously, the Board of Directors of the Banco de la República increased the national policy interest rate by 100 basis points, bringing the benchmark rate to 11.25%. This decision aligns with regional efforts to manage inflationary pressures through tighter monetary control.
International market conditions also reflect a shift in expectations regarding the Federal Reserve. Due to ongoing conflict in the Middle East and persistent economic indicators, markets currently anticipate that the US central bank will maintain existing interest rates without cuts for the remainder of the year.
Looking forward to April, the research team at Bancolombia—led by Chief Economist Laura Clavijo, Macroeconomic Manager Jose Luis Mojica, and International and FX Analyst Maria Paula Gonzalez—projects that the exchange rate will trade within a range of $3,625 COP to $3,725 COP. This forecast accounts for continued volatility and heightened uncertainty in both global and domestic financial markets.
Bancolombia (photo © Loren Moss)
The History Channel is scheduled to premiere a new documentary titled Parceros on April 29, 2026. The 43-minute production, developed in collaboration with the Alcaldía de Medellín, examines the social challenges facing youth in the city’s communes and the state-led initiatives designed to mitigate the influence of criminal structures.
The documentary focuses on the Parceros program, an initiative managed by the Secretaría de Seguridad y Convivencia of Medellín. The program provides psychosocial support, academic training, and employment pathways for children, adolescents, and young adults at risk of recruitment by organized crime. According to municipal data, approximately 350 criminal groups operate within Medellín, involving an estimated 6,000 to 12,000 individuals. The program has served over 9,000 participants between 2024 and 2025, with a target of reaching 15,000 individuals by the end of the current four-year term.
“When the public sector works hand in hand with social organizations and media with global reach, the impact is multiplied.” — Federico Gutiérrez, Mayor of Medellín.
Federico Gutiérrez, the Mayor of Medellín, stated that the partnership with international media outlets aims to increase the visibility of the city’s social transformation. He noted that the collaboration between the public sector and global organizations facilitates a broader impact for regional infrastructure and social programs. The documentary features Argentine actor and producer Michel Brown, who serves as the primary narrator and interacts with participants to document their transition from informal or illegal activities toward stable employment and entrepreneurship.
The production follows the individual trajectories of three participants: Marcela, Alejandro, and Juan Sebastian. These accounts detail the transition from situations involving homelessness, illegal activities, and exploitation toward roles in municipal security management, private business ownership, and the local tourism sector. Paulina Patiño, director of the Parceros program, indicated that the initiative focuses on building human capital and providing alternatives to the economic incentives offered by local criminal organizations.
Produced by A+E Networks (NYSE: DIS) in association with Loso Producciones and co-produced by Lulo Films, the project reflects a trend of utilizing high-production-value media to document ESG-related social investments in Latin America. Cesar Sabroso, Senior VP of Marketing at A+E Networks Latin America, emphasized the company’s objective to distribute these narratives across the region to highlight successful intervention models.
Medellín continues to be a focal point for international observers due to its ongoing social transformation and its status as a hub for the global creative economy. The documentary intends to provide a technical look at how targeted social spending and public-private partnerships can alter the demographic trajectory of urban centers in Colombia and the broader US interest area.
Headline photo of Medellín’s Comuna 13 (photo © Loren Moss)
The Financiera de Desarrollo Nacional (FDN), a member of the Grupo Bicentenario, has announced its participation in the financial closing of the El Campano Solar Park. Located in Chinu, Cordoba, the renewable energy project is designed to strengthen national energy security and support the transition toward cleaner power sources.
The initiative involves the development, construction, and operation of a photovoltaic solar plant with an installed capacity of 128.8 MWdc (99.9 MWac). The facility is scheduled to begin commercial operations by the third quarter of 2027.
The financial structure includes a commitment from the FDN of up to $157.5 billion COP, consisting of senior debt and a bank guarantee. This contribution represents approximately 50% of the total project debt. The total investment for the project is estimated at $453.9 billion COP, utilizing a framework that combines private equity and long-term debt.
“The financial closing of the El Campano Solar Park represents a firm step in the consolidation of a cleaner, more resilient, and sustainable energy matrix for Colombia.” — Rafael Herz, acting president of the FDN
“The financial closing of the El Campano Solar Park represents a firm step in the consolidation of a cleaner, more resilient, and sustainable energy matrix for Colombia,” stated Rafael Herz, acting president of the FDN. “At FDN, we remain committed to mobilizing investment toward strategic projects that not only strengthen the country’s infrastructure but also generate positive environmental and social impacts in the regions.”
Revenue for the El Campano Solar Park is supported by a 15-year energy purchase agreement (PPA) with ISAGEN, a company maintaining a AAA credit rating. The contract operates under a “pay-as-generated” modality. Furthermore, the project is set to receive income via the Cargo por Confiabilidad (Reliability Charge) over a 20-year period, a mechanism intended to ensure long-term financial stability and debt service capacity.
The project is being developed by Atlas Renewable Energy in partnership with ISAGEN (BVC: ISAGEN). This collaboration is part of a broader joint strategy aiming to develop up to 1,000 MW of solar projects in Colombia by 2030.
In addition to its contribution to the Sistema Interconectado Nacional (National Interconnected System), the project is expected to reduce carbon dioxide emissions by approximately 4 million tons over its operational lifespan. This alignment follows national objectives regarding sustainability and climate change mitigation.
According to the FDN, the project integrates environmental, social, and governance (ESG) criteria into the financing decision-making process, focusing on the decarbonization of the economy and regional development.
Fresh audio revelations broadcast by Noticias Caracol have triggered a political storm in Colombia, implicating senior government-linked figures in alleged secret contacts with one of the country’s most notorious smugglers, Diego Marín Buitrago.
The recordings, aired late on April 5, appear to document meetings between intermediaries connected to President Gustavo Petro and the legal representative of Marín, widely known by the alias “Papá Pitufo.” The revelations come with just over four months remaining in Petro’s presidential term, intensifying scrutiny over his administration.
According to the report, the audios – lasting more than 90 minutes – capture conversations from early 2025 involving at least four individuals allegedly acting as emissaries of the government. Among them is Jorge Lemus, the former head of the National Intelligence Directorate (DNI), as well as other figures with links to the administration.
In the recordings, Lemus is heard holding closed-door meetings with Marín’s lawyer, Luis Felipe Ramírez, in which possible judicial benefits and guarantees are discussed in exchange for cooperation. Such proposals, if confirmed, would fall outside the remit of intelligence officials and raise questions about potential overreach and irregular negotiations.
The audios also suggest that these contacts occurred before any formal intervention by judicial authorities, with intermediaries allegedly presenting themselves as acting on behalf of the executive branch. Additional names mentioned include Catalan political figures Xavier Vendrell and Ramón Devesa, as well as former financial intelligence adviser Isaac Beltrán.
The revelations have revived a long-running controversy over alleged links between Marín and Petro’s 2022 presidential campaign. Previous reports indicated that the smuggler may have contributed 500 million pesos (approximately $130,000) to the campaign—funds Petro has said were returned upon discovery of their origin. However, opposition figures argue that no conclusive proof of that վերադարձ has ever been presented.
Opposition leaders, including senator and presidential hopeful Paloma Valencia, seized on the latest disclosures to demand an independent investigation. “This is an extremely serious institutional matter,” Valencia said in a video response, questioning the absence of evidence regarding the alleged վերադարձ of the funds and warning of a pattern of clandestine contacts.
Critics argue that the recordings point to “under-the-table” dealings with criminal actors, potentially undermining the government’s legitimacy at a critical political juncture.
President Petro responded by acknowledging that intelligence contacts with Marín’s circle had taken place but insisted they were authorized and aimed solely at securing the smuggler’s cooperation with Colombian justice.
“The purpose was to bring Marín to Colombia,” Petro said, framing the outreach as part of a broader strategy to dismantle criminal networks. However, the president went further, alleging that some intelligence agents may have exploited the situation by attempting to solicit money during the interactions.
According to Petro, these alleged irregularities led to dismissals within state agencies, suggesting internal misconduct rather than a coordinated government effort to negotiate with the smuggler.
The president also criticized the Fiscalía General de la Nación, accusing prosecutors of limiting the scope of investigations and pursuing what he described as a politically motivated campaign against his administration.
Marín, long considered one of Colombia’s most significant contraband operators, has been linked for decades to networks involved in smuggling and bribery. His arrest in Europe in 2024 triggered an ongoing extradition process, though legal challenges in countries including Spain and Portugal have complicated proceedings.
Prosecutors in Colombia have charged him with criminal conspiracy and bribery, alleging he led a sophisticated structure that penetrated state institutions.
The latest revelations add to mounting political pressure on Petro, whose administration has already faced a series of scandals and internal fractures. With the presidential term nearing its end, the emergence of recorded evidence – rather than testimony or second-hand accounts—marks a potentially decisive moment in a controversy that has shadowed his government for years.
Whether the audios lead to formal investigations or judicial consequences remains unclear. But politically, the damage appears immediate, reopening questions about the boundaries between state actors and criminal networks—and the extent to which those lines may have been blurred behind closed doors.
Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) has entered into a formal payment agreement with the Government of Colombia to settle outstanding balances from the Fuel Price Stabilization Fund, known in Spanish as the Fondo de Estabilización de Precios de los Combustibles (FEPC). The agreement, reached through the Ministerio de Hacienda y Crédito Público and the Ministerio de Minas y Energía, addresses $1.6 trillion COP owed for the first quarter of 2025.
Under the terms of Resolutions 00368 and 00369 issued by the Dirección de Hidrocarburos, the total amount is divided between Ecopetrol S.A., which is owed $1.2 trillion COP, and Refinería de Cartagena S.A.S. (Reficar), which is owed $0.4 trillion COP. The repayment schedule began with a cash transfer of $2.89 billion COP on April 1, 2026. The remaining balance of approximately $1.55 trillion COP is scheduled to be paid on December 15, 2026, through the issuance of Treasury Securities, or Títulos de Tesorería (TES). The Colombian state has acknowledged the financial costs associated with the time elapsed until the final December payment.
“The Ecopetrol Group continues to work in close coordination with the Ministries of Finance and Public Credit and of Mines and Energy — the authorities responsible for fuel pricing policy — in the implementation of payment mechanisms and the reduction of FEPC balances.” — Ecopetrol S.A.
Concurrent with the subsidy settlement, Ecopetrol received authorization from the Ministerio de Hacienda y Crédito Público via Resolution 0666 to execute an external public debt management transaction totaling $1.25 billion USD. The five-year loan was secured through a consortium of international lenders including BBVA (BME: BBVA; NYSE: BBVA), Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM), and Bank of China (HKG: 3988). The credit facility carries a floating interest rate indexed to the Secured Overnight Financing Rate (SOFR) and will be repaid in four equal installments.
The proceeds from the $1.25 billion USD loan are designated for the repayment of existing obligations. Specifically, $1.2 billion USD will be used to settle a 2024 loan previously authorized for the acquisition of the state’s interest in Interconexión Eléctrica S.A. E.S.P. (ISA), while the remaining $50 million USD will be applied to an outstanding balance from a 2025 credit agreement. The loan agreement is governed by the laws of the State of New York and includes standard covenants regarding the borrower’s payment capacity and financial integrity.
These financial maneuvers are intended to optimize the maturity profile of the Ecopetrol Group, which remains responsible for over 60% of hydrocarbon production in Colombia. The company continues to operate integrated systems in transportation, refining, and petrochemicals, with additional international operations in the US Permian basin, the Gulf of Mexico, Brazil, and Mexico.
Four Seasons Hotel and Residences Cartagena officially opened on April 2, 2026, marking the third property for the hospitality brand in Colombia. The project is a joint venture with San Francisco Investments, a subsidiary of the Valorem holding company. Located in the Getsemaní neighborhood, the hotel is situated near the UNESCO World Heritage Site Walled City and the Cartagena Convention Center.
The development involved the multi-year restoration of several historic buildings, including the 1920s-era former Club Cartagena. The architectural and interior design was led by the late François Catroux, with additional technical expertise provided by WATG and Wimberly Interiors. The food and beverage concepts were developed by SBM Interior Design and AvroKO. Landscape architecture for the rooftop and grounds was managed by Enea Garden Design, led by Carolina Jaimes.
“Welcoming a third Four Seasons to Colombia, joining our Bogotá and Casa Medina Bogotá properties, marks an important milestone in the continued expansion of our global portfolio,” said Rainer Stampfer, Four Seasons President of Global Operations, Hotels and Resorts.
The hotel features 131 guest rooms, 27 of which are colonial-style suites located within the heritage wing. These units include preserved architectural elements and custom furnishings designed by Poli Mallarino. The property also contains Private Residences designed by Rodriguez Valencia Arquitectos. The primary presidential suite, known as the Catroux Suite, features a private elevator and a terrace with a Moorish-inspired fountain by María Cecilia Franco Berón.
There are eight dining and drinking venues on the property. The Grand Grill and Bar Lelarge were conceptualized by Major Food Group, focusing on steakhouse traditions and seasonal cocktails. Additional venues include Café Rialto, Pizzeria Della Chiesa, El Aljibe, El Patio del Limonar, and the rooftop sunset lounge, El Palmar. Lighting for these venues was designed by Lang Lighting Design.
Wellness facilities include the Umari Spa, which offers six treatment rooms and uses botanical ingredients derived from the umari plant. For business events and social functions, the hotel provides several spaces, including the Ballroom de la Veracruz, which can host 300 guests and features a centuries-old fresco. The Ballroom Centenario provides views of the Walled City for smaller gatherings of up to 100 people.
Four Seasons Hotels and Resorts is a global hospitality company partially owned by Kingdom Holding Company (TADAWUL: 4280). The company currently operates 136 hotels and 61 residential properties across 47 countries, with more than 60 projects currently in its development pipeline. In Cartagena, the hotel operations are led by General Manager Annie Monnier.
Now Open: Four Seasons Hotel and Residences Cartagena (PRNewsfoto/Four Seasons Hotels and Resorts)
The Norwegian renewable energy company Scatec ASA (OSE: SCATC) has reached financial close and initiated construction on the Barzalosa solar power plant in Colombia. The project, located in the municipio of Nariño within the department of Cundinamarca, has a planned capacity of 130 MWp. Total capital expenditure for the facility is estimated at $121 million USD.
The financing structure for the project is based on a 70% leverage model, utilizing a combination of equity and non-recourse debt. Scatec holds a 65% equity stake in the venture, while Norfund, the Norwegian investment fund for developing countries, provides the remaining 35%. The senior debt was provided by Bancolombia S.A. (NYSE: CIB; BVC: BCOLOMBIA) and the Financiera de Desarrollo Nacional (FDN).
The Financiera de Desarrollo Nacional committed a total of 200,358 million COP to the project. This includes a senior debt facility of up to 164,458 million COP with a term of 18 years, representing approximately 50% of the total project debt. Additionally, the FDN provided a bank guarantee of up to 35,900 million COP to substitute reserve accounts for debt service and operation and maintenance costs. The FDN also acted as a co-structurer for the financial framework of the operation.
“The financing of the Barzalosa project reflects the capacity of the FDN to structure long-term financial solutions that make strategic energy transition projects in Colombia viable,” said Enrique Cadena, Vice President of Structured Finance at the FDN.
The law firm Holland & Knight served as legal counsel to the lenders, Bancolombia and FDN, in the COP 330 billion financing transaction. The legal team was led by partner María Juliana Saa, with support from partner Inés Elvira Vesga and associates Juan Sebastián Parra and Juan Felipe Alonso. Other legal and financial advisors involved in the transaction included Cuatrecasas, which advised the borrower; Brigard Urrutia, which advised FDN regarding the credit facility; and Astris Finance, which provided financial structuring advice.
Revenue for the plant will be supported by a 15-year Power Purchase Agreement (PPA) with BTG Pactual Comercializadora de Energía (BVMF: BPAC11). The agreement covers 85% of the estimated energy production and is denominated in Colombian pesos, with adjustments based on the Producer Price Index. The remaining 15% of production will be sold on the Colombian spot market. The project is also eligible for the Cargo por Confiabilidad (reliability charge) and may access resources from the Inter-American Development Bank and the Climate Investment Funds.
Construction includes the installation of the solar array and the development of a six-kilometer transmission line to connect the plant to the national grid. Scatec is acting as the lead developer and the designated Engineering, Procurement, and Construction (EPC) provider, covering approximately 70% of the capital expenditure. The company will also manage operations, maintenance, and asset management. The Barzalosa plant is expected to reach its commercial operation date in the first half of 2027.
Colombia’s Finance Minister Germán Ávila abandoned a meeting of the board of the central bank (Banco de la República), on April 1 in protest over two decisions by the institution: the release of an internal document without prior consultation, and a 100-basis-point increase in the benchmark interest rate, which was raised to 11.25%.
According to the finance minister, the disclosure of the document, which involved both institutions and was linked to a draft government decree, constituted an “abuse.”
He also described the rate hike, the second so far this year, as “irresponsible and inconvenient,” arguing that it contradicts the government’s economic growth strategy.
The central bank said the decision was approved by a majority of its board: “four members voted in favor of the increase, two supported a 50-basis-point cut, and one proposed keeping the rate unchanged.”
The bank justified the move by noting that inflation stood at 5.4% in January and 5.3% in February, above the 5.1% recorded at the end of 2025. It also warned of external risks, including the impact of the conflict in Iran on the global economy, which could increase the cost of key imports such as gas and fertilizers and add to inflationary pressures later this year.
It remains unclear whether Ávila’s withdrawal from the board will be temporary or permanent, but the episode marks a new point of institutional tension that could influence the direction of monetary policy in Colombia in the coming months.
Ávila criticized the decision, saying the central bank is overlooking the country’s economic progress. “The decision taken by the central bank is repetitive and continues to ignore the national government’s efforts to ensure fiscal stability and sustained economic growth,” he said.
He also argued that the increase is disproportionate compared with global trends. “There is not a single economy in the world proposing a 200-basis-point increase in the benchmark rate in the current global context,” he said, referring to the fact that the bank had already raised rates by 100 basis points in February, meaning a total increase of 200 basis points in just four months.
The government maintains that macroeconomic conditions remain stable, pointing to controlled inflation, a relatively stable Colombian peso (COP) against the dollar, declining unemployment and solid productive growth, and argues that tighter monetary policy is unnecessary.
The Finance Ministry said the minister’s decision to leave the meeting does not seek to challenge the independence of the central bank, but rather to highlight the need for its decisions to align with the country’s economic and social reality.
However, the move has raised legal and institutional concerns. Central bank chairman of the board, Leonardo Villar noted that the finance minister has a constitutional obligation to attend board meetings, as he “not only represents the government but also lead the meetings” said in a public interview broadcasted by media outlet like La República.
He warned that an indefinite absence could amount to a breach of legal duties and urged President Gustavo Petro to appoint an “ad hoc” delegate if the minister decides not to attend future meetings.
Experts say the minister’s absence could affect the board’s ability to make decisions. According to Andrés Pardo, former deputy finance minister and head of Latin America macro strategy at XP Investments, in an interview with Valora Analitik, “current regulations require at least five members, including the finance minister or a delegate, for the board to deliberate and decide”.
This could mean that, without his presence, the central bank may be legally unable to adopt monetary policy decisions.
The rate increase could have significant effects on the real economy. According to the Finance Ministry, a move of this magnitude could slow economic recovery, increase borrowing costs for households and businesses, and raise debt servicing costs.
Small and medium-sized companies, construction, retail and tourism are expected to be among the most affected sectors, along with households holding variable-rate loans.
Lower-income groups could face the greatest impact, as reduced purchasing power and tighter access to credit may deepen economic inequality.
In February 2026, Colombia’s unemployment rate stood at 9.2%, a decrease of 1.1 percentage points compared with the same month in 2025 and the lowest figure for a February since 2001, according to the government through the National Administrative Department of Statistics (DANE).
According to the report, “at the national level, the employed population increased by 624,000 people compared with the previous year.” The sectors that contributed most to job creation were professional, scientific and technical activities, with 250,000 new positions, and the public sector (administration, education and health), with 244,000. In contrast, agriculture lost 363,000 jobs and the transportation sector 86,000 compared with February 2025.
President Gustavo Petro highlighted the result on his X account, stating that “we return to a single-digit unemployment rate, 9.2%, the lowest since 2018. More reasons not to accept the mistake of the right parties in claiming that raising the minimum wage to a living wage would bring an employment catastrophe. That was not true: we have the lowest unemployment of this century for the month of February.” The president also defended the minimum wage increase, which reached 23.7%, the highest recorded in the country.
Volvemos a un dígito de tasa de desocupación, 9,2%, la más baja desde el 2018.
Más razones para no aceptar la equivocación de la derecha al afirmar que el subir el salario mínimo al nivel del salario vital traería una catástrofe del empleo.
No fue cierto, tenemos el menor… https://t.co/vXz7Muv3f0 pic.twitter.com/Jx7RBeIWLb
— Gustavo Petro (@petrogustavo) March 30, 2026
When analyzing the December–February rolling quarter, the unemployment rate stands at its lowest level in the past ten years, according to DANE reports. The figure rose from an average of 10.7% in 2017–2018 to a peak of 15.7% in 2020–2021, a period marked by the impact of the COVID-19 pandemic, before declining steadily to 9.2% in February 2026.
For the same period in 2025, the rate stood at 10.4%, representing a reduction of more than one percentage point.
These figures are consistent with estimates by the International Labour Organization (ILO) in Colombia, which had projected a gradual decline in unemployment from around 16% in 2020 to an estimated 8.3% for the previous year.
Chart showing unemployment in Colombia from February 2016 to February 2021, including the presidents in office during that period. Image shared by Pacto Histórico Representative David Racero.
Despite the overall improvement, the DANE report also highlights challenges in terms of labor inclusion. In February 2026, the unemployment rate for men was 7.4%, while for women it reached 11.7%, representing a gender gap of 4.3 percentage points.
However, the government noted that this gap has been narrowing, as it stood at 5.2 percentage points in the previous month.
The data come from “The Great Integrated Household Survey” (La Gran Ecuesta Integrada de Hogares – GEIH), DANE’s statistical instrument that provides information on the labor market, income, monetary poverty and the sociodemographic characteristics of Colombia’s population.
Colombia’s cancilleria (foreign affairs ministry) was reminding foreign residents this week of the 2026 deadline to transfer their old resident visas to the new 5-year electronic visa scheme.
“Anyone with these visas, granted under previous regulations, must complete the mandatory process before October 31, 2026, before the Visa Authority,” announced the government, referring to resident ‘R’ visas issued before October, 2022, when new visa regulations came into effect.
Failure to transfer your visa by October 31 could lead to sanctions or even losing your residency status.
And even though the October deadline seems far away, the Cancilleria are expecting a flood of last-minute applications. Our advice is: don’t leave it to the last minute. Government websites are clunky at the best of times and you will need at least one appointment with Migración, which will be harder to get as the deadline approaches.
To avoid last-minute panic, here’s a quick Q and A to get ahead of the game…
No. Under new laws passed in 2022 (law 5477 to be precise), all R visas for long-term residents are now subject to a transfer every five years, which also coincides with the lifespan of the Cedula Extranjeria (Colombian-issued ID card). So even if the visa stamp in your passport says indefinida, you still need to do the transfer.
The traspaso applies to:
If you have a passport about to expire it makes sense to renew the passport before the visa transfer.
No. The traspaso is relatively simple and can be done mostly online, directly with the Cancilleria website. Although touted as a ‘transfer’, in most cases you will be issued with a new visa number in an electronic format that will be sent to you by email. You can then print your own e-visa and carry it with your passport and store it in your phone.
Other steps require visiting your nearest Migración office.
Around US$ 213 in total at current exchange rates. This breaks down to: US$25 for the Migration Movement Certificate, US$54 for the visa study, US$54 for the visa issuance, US$80 for a new replacement ID card (Cedula de Extranjeria).
Before applying for the traspaso, you need to obtain Certificado de Movimientos Migratorios, which is a printed certificate issued by Migración showing your entrances and exits from Colombia. The purpose of the certificate is to show your presence in Colombia. If you have been absent from the country for more than two years your residency status is automatically cancelled. You can apply and pay for the certificate online at the Migración website Formulario Único de Trámites page.
Be careful to select the centro facilitador (Migration office) that is closest to you because you must collect the printed certificate in person from the office. Also select the 10-year option for the certificate’s timeframe.
Not usually. One you have applied online, Migración will send you an email within three days notifying that your certificate is ready. You can go to the office and skip the lines by showing the email to the door staff. The counter staff will then print off the certificate. There is usually no need to make an appointment.
At present, Migración is only giving the option to collect the certificate in person in Colombia. This is one way to ensure that the visa holder is resident in Colombia. The option to collect in an overseas – i.e. at Colombian consulates – could change in the future.
Now you need to the visa website at www.cancilleria.gov.co, and navigate to the visa page called the SITAC. Note there are English and Spanish pages (the Spanish version sometimes works better).
Fill in your details to enter the system, then select ‘Visa traspaso’ from the dropdown menus. You will also be asked to click on the timeframe when your original ‘R’ visa was issued. You will then be told what documents to present; these can be uploaded in PDF.
This varies depending on your type of Resident visa and when it was issued, but generally:
Holders of permanent resident visas do not need to provide any more information. Other types of R visas might require evidence that the conditions under which the visa was granted still applies.
The fees are divided into a US$54 ‘study’ fee, which is paid on submission of the documents. When the visa transfer is approved you pay an additional ‘visa issuance fee’ of US$54. Payment is also online by Colombian PSE bank transfer scheme, or you can use Visa or Mastercard credit cards.
No. Once your e-visa is sent to you be email, you need to register your visa and apply for a new Cedula Extranjeria ID card within 15 days of receiving the new e-visa. The initial application and payment is done online, using the Formulario Único de Trámites page. Tick the Cedula Extranjeria box and select your nearest Migración office from the drop-down menu.
You’ll need to provide more information, scans, and an US$80 payment.
Nope. Now you need to make an appointment with the same Migración office to provide biometric data for your new CE. To make an appointment, first register with the website here. Slots for the following week are allocated often at 5pm on Sunday, so try at this time.
If there are no slots available, take a screenshot of the appointment page as you can later use this as evidence to prove you were trying to comply with the 15-day plan (Migración sometimes sanction visa holders for not registering on time).
If you do not get an appointment within 15 days don’t worry; with your screenshots of the full agendas, Migracion are unlikely to complain. Everyone knows the system is overloaded.
Another delay: some people wait months for the plastic card, though lately the wait has been getting shorter. You can use your old CE or your passport in the meantime.
The Cancilleria recommends applicants to apply directly for the traspaso directly via the website. However, commercial visa companies can assist with the paperwork but will charge a fee up to several hundred dollars. Try the process yourself before seeking professional help.
Just don’t leave it too late…
The post Long-term foreign residents reminded to transfer ‘R’ visas in 2026 appeared first on The Bogotá Post.
Colombia is on the verge of banning female genital mutilation (FGM), as lawmakers advance legislation that would outlaw a practice still reported in parts of the country, making it the only nation in Latin America where cases have been documented.
In a unanimous decision, the First Commission of the Senate approved the bill in its third debate, leaving just one final vote in the full chamber before it can become law — a significant step in addressing a practice widely condemned as a violation of human rights.
The initiative, known as Bill 440 of 2025 (accumulated with 239 of 2024), seeks not only to prohibit FGM but to eradicate the conditions that allow it to persist, particularly in indigenous communities.
“This is about settling a historic debt with Indigenous women and girls,” Representative Jennifer Pedraza said after the vote. “Eradicating this violent and limiting practice is essential to guaranteeing their health and dignity.”
Globally, more than 230 million girls and women alive today have undergone FGM, according to the World Health Organization. The practice, defined as the partial or total removal of external female genitalia for non-medical reasons, is most often carried out on minors and can lead to severe bleeding, infections, complications in childbirth and long-term psychological trauma.
While FGM is most prevalent in parts of Africa, the Middle East and Asia, Colombia’s case has drawn particular concern due to its singular status in the Americas. Lawmakers noted that the practice disproportionately affects very young girls, often under the age of one, with cases concentrated in the departments of La Guajira, Chocó and Risaralda.
Official data show a gradual decline in reported cases: 91 in 2023, 54 in 2024 and 39 so far in 2025. Authorities caution, however, that underreporting, is pervasive.
The bill marks a strategic shift away from punitive approaches toward prevention, education and intercultural dialogue. Senator Clara López, who led the initiative in the Senate, argued that criminalization alone has failed to eliminate the practice elsewhere.
“In countries where FGM has been banned for decades, prevalence remains high,” López said during the debate, pointing to cases such as Mali and Egypt, where rates have remained above 80% despite legal prohibitions.
The legislation was developed through consultations with Indigenous leaders, including representatives of the Emberá community, where cases have been recorded. Juliana Dominico, a spokesperson for the Emberá, backed the bill while stressing that FGM is not an essential cultural or spiritual practice.
Supporters argue that framing FGM solely as a criminal issue risks driving it underground and alienating communities. Instead, the proposed law emphasizes public health strategies, education campaigns and culturally sensitive engagement to encourage abandonment of the practice.
International bodies have long called for a coordinated response. In 2008, the World Health Assembly adopted Resolution WHA61.16, urging governments to act across sectors including health, education, justice and social services.
Beyond its immediate health risks, FGM is widely recognized as a violation of fundamental rights, including bodily integrity and freedom from cruel or degrading treatment. In some cases, the procedure can be fatal.
The economic burden is also significant. The WHO estimates that treating complications related to FGM costs health systems around $1.4 billion annually, a figure expected to rise without stronger efforts to end the practice.
If approved in its final debate, Colombia’s ban would mark a turning point for the hemisphere, aligning the country with global efforts to eliminate FGM while testing a prevention-focused model that lawmakers hope will succeed where criminalization alone has fallen short.
Colombia’s economic landscape is undergoing a profound transformation, driven not only by institutional shifts but by the indomitable spirit of its local entrepreneurs. The story of Julio Jiménez, founder of American Visa Hotel, serves as a powerful testament to the social mobility and resilience defining the country’s modern business narrative. From selling empanadas as a child to managing a diverse portfolio of hospitality and logistics assets, Jiménez embodies the grit that is reshaping the nation’s service sector.
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In this exclusive interview, Loren Moss of Finance Colombia sits down with Jiménez at his newest property, Destino. Their conversation covers a journey of hardship, recovery, and a radical commitment to social responsibility that challenges traditional corporate models. For the international investment community, Jiménez’s trajectory offers a window into the burgeoning mid-market hospitality segments that are being built on authentic local experience and a rigorous focus on consumer security.
This evolution is particularly evident in his recent move to professionalize the transportation industry at El Dorado International Airport. By integrating technology and hospitality standards into the taxi sector, Jiménez is working to eliminate the friction points that historically deter foreign business travelers. It is a narrative of redemption and professionalization that highlights why Colombia continues to maintain its competitive edge in the regional tourism market.
Finance Colombia: I’m here with Julio Jiménez, the founder of American Visa, and here we are in one of his American Visa hotels, ‘Destino.’ And it’s an interesting name that the company has but the most fascinating thing is your history. Tell me how you started in business. Very young, right?
Julio Jiménez: Yes, since I was 8 years old. I had a struggle, grieving when my father separated from my mother. Four brothers stayed practically in one room, in one bedroom. Five people: my mother, my four brothers; struggling a lot, because of the separation. And from there we started working, because since then I started doing business, since I was 8 years old.
Finance Colombia: Wow, and what was your first business?
Julio Jiménez: My first business was to tell the principal of the school where I studied that we didn’t have anything to eat, and she should let us sell some empanadas, we had empanadas for sale and I started selling empanadas in the Cooperative at the age of 8 years old.
Finance Colombia: And that was here in Bogotá?
Julio Jiménez: In Bogotá.
Finance Colombia: Okay, and after that you started to work at the airport, right?
Julio Jiménez: Well, the bad thing about the empanadas was that I stayed with the empanadas until I was 19 years old. I saw money; I didn’t study anymore. I wasn’t inclined to study, I left after 5th grade but I started selling empanadas at the age of 10, 12, 14 years old and I was able to develop my mind, because I had a stand of empanadas in a corner where I was serving 50 people at once.
Finance Colombia: Wow.
Julio Jiménez: Taxi drivers, regular people, would come to my empanadas stand where I had two soda cases, 300 empanadas, butter, dough and a lot of people talked to me at the same time and I didn’t write anything down. I had a mind where… I knew you ate beef, chicken, a Hawaiian and you ate, and you ate… So I talked to 50 people at once and I was able to develop my mind, a photographic memory, a unique memory. Math is adding and subtracting, just that: to add, subtract, divide and multiply, and I developed my mind. After being an empanadas vendor, at the age of 19, I got married. I started gambling, I got addicted to it. When as a child you see money, and you don’t have a guide, a guide on how to manage finances, how to save money well… Money has chased me all my life, the money, the business, but I’ve been a bad administrator. I fell into gambling since I was 12 years old. Problems with ludomania, addiction, ludomania is the game: casino, gambling.
Finance Colombia: Yes, yes.
Julio Jiménez: Only 3 years ago I recovered from gambling. But the issue here that I want to tell you about is that I had many struggles in my life: hardship, hardship and more hardship. But from hardship something good always comes out. The teachings of each mark, of each wound, of each blow. Then I became a taxi driver at 21 years old, and I drove taxis for 14 years. As a taxi driver, I understood and I knew that I was very good with numbers and with the auditory part, and so I had three radio phones in my taxi listening to where they asked for taxis.
Finance Colombia: Yes.
Julio Jiménez: One here, another here, and I went around all of Bogotá driving but also getting to know people and listening. I’ve been very good at listening. I’ve never read, now I’ve read the Bible, but I’ve never read. But I listened, I listened when people get upset, I listened when people have good energy, when people are positive, when they are negative. And all that I learned in my taxi. Until I saw the El Dorado airport. Because of the people I took to the airport. I’d get to the airport, they’d get off my taxi, but someone else would come and say, “Hey, take me to the hotel.” And the hotels I would take them to, 15 years ago… As a taxi driver, they asked me for hotels. I took them to hotels where they gave a commission to the taxi driver, a commission of, I don’t know, at that time it was 30,000 COP, it was 10 USD today. I’d get to the hotels, they gave me my commission, 2 or 3 a day. I wondered, “What do the people that stay at the airport do?” I dared to let go of my taxi, which was what I knew how to do. I know how to do 3 things in life: drive a taxi, sell empanadas and sell hotels. That’s my art, what I learned. I let go of my taxi and I started selling hotels at the airport. I went from a taxi driver, to getting out of it, asking for permission to a hotel at that time, 15 years ago, I said, “Give me a certificate and back me up so I can be at the airport with a sign-”
“When you dedicate yourself to serve, to help, to protect. That is the motto of the American Visa company.” — Julio Jiménez, Founder of American Visa Hotel.
Finance Colombia: ‘And I’ll get you customers.’
Julio Jiménez: Lorenzo you need a hotel, I have a hotel near the airport, I’ll take you, bring you back, give you food, the entire service. And I started, and like me there were already 200 people working in different shifts, it was a closed circle, that business has been there for 40 years, at the airport. It’s called informalism, being touts. Those that when you get off, “I have the Uber, I have the Uber.” In the whole world, even in China, there are airport touts. So I started selling hotels and it turns out that they are talking to the best speaker, because my God gave me a gift to know how to express myself, to know how to convince and I started selling hotels and I sold 15 rooms daily, when I started 15 years ago, and 15 rooms with 50 percent commissions…
Finance Colombia: That’s very profitable.
Julio Jiménez: Profitable, tempting, but there is also indiscipline, because 15 years ago I wasn’t very disciplined. I was still doing drugs, gambling, alcohol, women, treachery, learning. For me it was easy to earn 500 USD a day in commissions but it was also easy to spend them in one hour.
Finance Colombia: Easy come, easy go.
Julio Jiménez: Correct.
Finance Colombia: You still didn’t have discipline to save.
Julio Jiménez: No, I was paving the road, as I always say, I always had that hardship. The ludomania, addiction management, gambling management, emotions management. I was hospitalized for 4 months in a clinic 14 years ago for gambling management. I committed myself for 4 months in a clinic for addiction management because I got obsessed with gambling.
Finance Colombia: And how did you get over that eventually?
Julio Jiménez: Look, I spent 4 months with psychology, psychiatry in the clinic, here in Bogotá, my diagnosis wasn’t bipolar, it wasn’t schizophrenic but it was compulsive gambler, and that is the worst of all.
Finance Colombia: Addicted to dopamine.
Julio Jiménez: To dopamine, serotonin, endorphins. Everything, everything, everything, has to be like this. And the compulsive gambler risks everything, he does not lose, he plays everything. Unfortunately that was almost all of my life. Many pitfalls and many defeats, since very young the money came to my life and I didn’t know how to handle it, then I met the Lord when I met Jesus Christ… 3 years ago I fell to the feet of Jesus before the pandemic. 6 years ago I had a business opportunity, I left the airport when the pandemic came, I started with a small hotel of 12 rooms, the pandemic came and everything broke. When they reopen hotels, it takes me out of the airport. At the airport they did not want to see me because of a betrayal. I set up a business in the airport before the pandemic, a special transport business of white cars (formalized, legal transportation), and the people in the airport with whom I set up the business betrayed me, he remained because he was a lawyer and I had nothing. He ran things there, and they said, “Julio, don’t call us, we will call you.” They removed me from the airport. I went to the transport terminal.
Finance Colombia: In Salitre, yes.
Julio Jiménez: That’s where I worked as a tout. “Hotel, hotel!” It wasn’t the airport but it was a terminal. We start the travel agency American Visa Tours. It still exists. It is a long story, it would take two hours to tell it because it is already edited even for a book, they already made a script of how everything happened. Because the spiritual connection with God was very big because in the terminal when it was closed for the pandemic, the people were thrown outside. A group of foreigners, of Venezuelans, of Colombians, There was no transport, they’d get here and get tossed on the ground. I had a hotel with 12 empty rooms, so what did I do? I had three trucks like this, owed 8 months’ rent. But I wanted to start again.
During that learning lesson there were nights that I went out to hustle, I loaded people from Cúcuta, I arrived and I loaded people in the terminal, “Going to Cúcuta?” in my truck. I put 11 passengers and took them to Cúcuta. I did like 10 trips. And during that time while I offered that illegal transport to Cúcuta, because it had ended, they also asked me about hotels, so I packaged hotel and transport, so I could survive, but in that time I realized that people couldn’t pay. Not for the hotel, or transport, or food. Because they are like refugees, if it’s bad here, it’s worse in Venezuela. So what did we do, what did the Lord do through me? I have an empty hotel, I have a truck to take people, it’s raining, kids are getting wet, the grandparents, the pregnant women… Let’s help them. And on several occasions we opened the hotel doors, which was broke. And we gave them free nights and gifted them a chicken or something to eat.
There, my dear Lorenzo, Heaven’s doors opened, and American Visa started. With that act of faith, of love, I don’t know what happened, God simply made a blessing here because for the past 6 years American Visa, which was born in that hardship, has not stopped receiving blessings. Today we are a hotel chain with 8 hotels. A travel agency, three agencies we own, the restaurant chain the technology company. More than 7 companies.
Finance Colombia: These hotels are beautiful. I think it’s new, it’s like international class. We went, without knowing you, we went to eat in Camelia, your restaurant in route 40, yesterday. It’s good. I’m always here in Bogotá in an event in Corferias. I remember seeing your brand in front of the embassy because you have services, packages, everything included not only for holidays but people who come for business in the embassy, people who are in Corferias because everything here is close to Corferias. What is like, the market or what is the audience or the passengers you aim for? I’m not going to say strategy, but which travelers fit best with what you do?
Julio Jiménez: I learned as a taxi driver that a tourist requires a hotel. Requires a good restaurant and requires security. When the three things are given to a tourist, it turns into an ecosystem. Why not build the ecosystem? Transport, tourism accommodation, restaurants everything they need in one place. That’s what American Visa does. And everyone who arrives at the airport, well now with technology and social media and digital media many people are getting to know us. But my true business, where I started, it was airlines. When they lose a connecting flight, when they cancel a lot of flights, what they do is call American Visa. Because we have restaurants 24 hours, transport 24 hours and everything is ready to see you. From one to a thousand people a day.
Finance Colombia: It has happened to me many times in El Dorado, going back to Rionegro. It has happened to me.
Julio Jiménez: Now with this gigantic ecosystem, here we have over 500 rooms in Bogotá, not only for airlines but also to receive the international agencies that arrive in Bogotá. We receive them 24 hours, we have service in the airport 24 hours 365 days a year in which the first thing you do is to have kind face to greet you and take you to the hotel without cost because it is included in the package. We have a restaurant that works 24 hours so whenever you get there, you’ll find food. We have our agents, language, we have our employees who work here willing to give love.
Finance Colombia: And that is the last thing I wanted to talk to you about, that this moment is my first time to meet you but I have known… We are here recording the ANATO Vitrina Turística event, the most important tourism event in Colombia, and I met people from your American Visa team, and they all have a commitment that they show but apart from that I have heard stories or cases of employees with humble beginnings, a lady whose mother had cancer and she came to you for a loan, and you were like “It’s no trouble.” And when people talk well about you behind your back, that speaks volumes.
Julio Jiménez: Look, the social aspect, when God blesses us, I met the Lord 6 years ago, when we helped those people on the ground, when we gave them shelter and food. God opens the gates of Heaven and the door opens. That also opens my heart. I have a duty, for the 35 years that I spent gambling, to help, to serve and protect. Today my debt is not with the casino nor with their people but with the people who need help. God transformed all of my illness. Because I keep praying every day. I wake up at 3:30 AM to connect with the Lord and to plan my day and I go to bed at 10 or 11 PM planning what business we are going to do. If there is no business, there is no risk. When you fail, it is cowardice. But when you don’t fail you can know for certain that God has picked you up for good. He does not fail. You are the one who fails. If you don’t fail, there will be no failure.
Every business shines, every business prospers, if you put it in God’s hands. And how? With service. thinking that the person who you help, whether good or bad, a believer or not, is a human being, who needs an opportunity. And American Visa is dedicated today to opportunities it is the company of opportunities. We receive people who have been in jail, people who have made mistakes, those who do not know how to read, those who can’t write, those that have many titles and need to be trained because the ego is killing them. Because today the biggest disease in the world is the ego, and depression, anxiety, so here we are about receiving everyone, giving them a hug and finding the wound to heal the soul. When you heal the soul you connect with God.
Finance Colombia: And I believe that also when you come from humble beginnings, you know what’s it like to go hungry, it is different from someone who is born with a silver spoon in their mouth. It is different when you know what’s it like to ask for a chance. when you know how it is to sleep on the floor, like when you were helping them. And helping them without knowing what will happen later, and look at all of this. How many hotels do you have?
Julio Jiménez: Eight hotels. We own three buildings and rent five, we own the transport agencies, American Visa has absorbed the companies that today transport to the most important airport in Colombia, they are from American Visa, of the holding.
Finance Colombia: And that is important because, I’m sorry because I know it is part of your story, but the taxi drivers here in Bogotá have a bad reputation. I wouldn’t say I’m scared, but I look for white cars, because I don’t want to be scammed, to be overcharged because it’s Sunday, or because of a foreign accent, and I look for a reliable transport, reliable people. And if you offer that, how can a traveler get in touch with you? Do you have a website?
Julio Jiménez: Right now, we have just acquired the Taxi Imperial company, who manages the airport. Taxi Imperial.
Finance Colombia: I know them, yes.
Julio Jiménez: American Visa at this moment has strategies… today is February 26, 2026. I ask you that you count 6 months. Give me 6 months my dear Lorenzo, and in 6 months, I’m putting it on the record. What image is the yellow taxi going to have? In 6 months, with the help of our Lord, we plan to transform the yellow transport. You will find the cabins where you will receive a friendly attention, “Where are you going, sir?” I offer you the yellow taxi, or the special service. But the yellow taxi will come out with the predetermined rate so you will see how much the user will pay without surprises. You will have a video camera and audio, if you wish, for security, if you forget an object, if you forget a bag or anything. This project is designed in service of the user. And to improve the image of the taxi driver. But image is improved with proof. And proof will be difficult because it’s a union, I was a taxi driver for 14 years and I charged hard, we are used to charging hard. But if the people who were overcharged paid for a bad service, when you know how much you will pay, with a good service, you will use the service again.
Finance Colombia: I pay more to have no surprises, rather than look for cheap but in the end get surprises.
Julio Jiménez: No, look, I can’t go over the speed limit but I will drive you safely. I’m not going to put reggaeton music, “What music do you want to listen?” I’m going to give you a water bottle, show you the videos that we are going to put in the back, because we are going to have corporate videos about Colombian tourism. We’ll show the hotels, restaurants, travel agencies. Everything you can do in Colombia. We will be professional drivers. Not taxi drivers. Every taxi driver at the airport will be a commercial driver. Selling services, selling a safe package, we are not going to overcharge anymore, we are going to do things well. And that client, we will call them after drop off, Lorenzo is going to his house in Cedritos, in 10 minutes we will call him, “Mr. Lorenzo, how was Mr. Camilo?” “How did he treat you? Would you use the service again?” It’s a post-sale, what we plan to do. That’s why I’m saying, give us 6 months, and you’ll hear about what we did with the yellow taxi in the airport.
Finance Colombia: So in September we are going to do another interview to see how it’s going.
Julio Jiménez: Gladly, I’ll be there to give you the numbers and the statistics of how we did it.
Finance Colombia: Excellent, it’s been an honor. Look, it is impressive what you do here, thanks for your time I know you are very busy in ANATO, we are as well, but what you have done so far is very impressive, I want to see you continue with these successes.
Julio Jiménez: It is for God’s glory, for the inspiration of people to see that all dreams can be fulfilled by faith, by the name of the Lord and in the name of helping society, which is the most important thing because the last thing you think about is in the profit, it will come later. But when you dedicate yourself to serve, to help, to protect. That is the motto of the American Visa company.
Finance Colombia: Well, American Visa, thank you very much.
Julio Jiménez: Thank you Lorenzo, God be with you.
Colombia’s Banco de la República is preparing for a significant shift in monetary policy as inflationary risks deteriorate. According to the latest report from the Dirección de Investigaciones Económicas, Sectoriales y de Mercados at Bancolombia (NYSE: CIB), persistent internal pressures and a less favorable external environment are driving the need for a more restrictive stance.
Bancolombia’s analysts expect the Junta Directiva of the Banco de la República to increase its policy interest rate by 100 basis points, bringing it to 11.25 percent. This forecast suggests that the first half of 2026 will be characterized by a more aggressive tightening cycle than previously anticipated, with the rate potentially reaching 12.75 percent.
The international landscape is playing an increasingly decisive role in these local policy configurations. A recent week of central bank decisions globally revealed a shift in tone among major financial institutions, primarily due to rising uncertainty stemming from the conflict in Iran. This geopolitical tension has directly impacted costs for energy, transportation, and agricultural inputs.
“The increase responds to the need to send a clear signal of commitment to price stability.” — Dirección de Investigaciones Económicas, Sectoriales y de Mercados at Bancolombia.
In the US, economic activity shows signs of moderation, yet producer price inflation in February exceeded expectations. The yield curve for US Treasuries, managed by the US Department of the Treasury, has shown mixed behavior as the conflict escalates, with the spread between 10-year and 3-month bonds reaching levels not seen since 2023. Inflation expectations in the US have rebounded in the short term, though they remain anchored over longer horizons.
| Forecast Category | Mar-25 | Sep-25 | Dec-25 | Feb-26 | Mar-26 |
| Year-end 2026 Inflation | 3.7% | 4.0% | 4.5% | 6.2% | 6.2% |
| Year-end 2027 Inflation | — | — | — | 4.8% | 4.8% |
| Year-end 2026 Policy Rate | 6.50% | 8.00% | 9.25% | 11.75% | 11.75% |
| Year-end 2027 Policy Rate | — | — | 8.00% | 9.75% | 10.00% |
Domestically, the business indices from think-tank Fedesarrollo showed mixed results for February. However, there are positive indicators in the labor market, as the urban unemployment rate across the 13 primary metropolitan areas continued its downward trend. Additionally, goods exports recorded an advance during the same period.
In the local fixed-income market, the TES fixed-rate curve saw a recovery last week. However, the March Financial Institutions Survey suggests that devaluations of TES may persist in the short term. Long-term TES Class B placements in the first quarter reached 1.0 percent of the GDP.
Chart based on data from Grupo Cibest & the Banco de la República.
Energy markets remain volatile as crude oil inventories in the US increased beyond expectations in the third week of March. Despite this, the price of Brent crude rose toward the end of the week, driven by skepticism regarding a potential ceasefire in the Middle East. The Colombian peso appreciated over the past week, tracking the intensity of the regional conflict.
The equity market results for the fourth quarter of 2025 remained neutral and aligned with market expectations. Global volatility continues to be shaped by energy shocks, geopolitical strife, and a cautious approach toward investments in artificial intelligence.
The projected rate hike by the Banco de la República is intended to send a definitive signal of commitment to price stability. This adjustment reflects not only recent inflation trends but also a strategic effort to prevent the further deterioration of expectations in a high-risk environment.
Headline image: Bogotá headquarters of Banco de la República (Banrepublica). Photo credit Juan Enrique Rodríguez, courtesy Banrepublica
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