At a time when children are increasingly indoors – absorbed by screens, separated from the street and distanced from the spontaneous rituals of neighborhood play – a new exhibition by the Banco de la República has launched at the Museo de Arte Miguel Urrutia (MAMU), and one that asks a deceptively simple question: what happened to playing outside with friends?

Having opened on April 23 at El Parqueadero and second floor of MAMU, Francis Alÿs, juegxs de niñxs 1999–2025 brings together 27 video works from the Belgian-born, Mexico-based artist’s celebrated long-running series documenting children’s games across the world.

Curated by Cuauhtémoc Medina and Virginia Roy, the exhibition proposes something more than nostalgia. It invites viewers to see play as a form of social architecture – a place where children create rules, resolve disputes and build entire worlds from whatever their environment offers.

Games, the curators suggest, are “social laboratories in miniature.”

For more than two decades, Francis Alÿs has traveled across cities, villages and conflict zones filming children at play. What began in 1999 evolved into an audiovisual archive spanning more than 50 short films across five continents, 27 of which are included in the Bogotá exhibition.

Children jump across hopscotch grids in Afghanistan, toss bones in India, spin tops in Mexico and invent rhythmic contests in narrow urban streets. One of the featured Colombian works, Trompos de semilla, Arara, Colombia, 2025, was filmed in the Amazon with support from Banco de la República’s Cultural Center in Leticia, capturing children in the Arara community playing with spinning tops made from seeds.

The games are simple, but the implications are not.

On the screen there are adults directing the action, no digital interfaces, no organized sports structures. Instead, children improvise with what is at hand – sticks, stones, crates, seeds, chalk, bottle caps – creating systems of cooperation and competition, rules and rebellion.

That act of invention lies at the center of Alÿs’s fascination.

Born in Belgium in 1959, Alÿs grew up with the image of Children’s Games (1560), the iconic painting by Pieter Bruegel the Elder depicting hundreds of children absorbed in play across a town square. According to the exhibition guide, the work became a lifelong reference point—an early visual map of how play reveals the structure of society itself.

Alÿs studied architecture at the Istituto Universitario di Architettura di Venezia before moving to Mexico in 1986 as part of an aid project to help install aqueducts in Oaxaca. He later settled in Mexico City’s historic center, where he developed the poetic and political language that would define his career.

His practice – spanning video, painting, installation and performance – often addresses borders, migration, urban fragility and the absurd mechanics of social order. Power dynamics, the commercialization of public space and the erosion of civic community remain central artistic preoccupations.

In Juegxs de niñxs those themes emerge quietly but powerfully.

Alÿs is not merely documenting childhood. He is observing how public life functions – and how children, often without adult mediation, rehearse the structures of society through play.

The exhibition reveals how games create temporary communities. They teach negotiation, competition, fairness and exclusion. They reflect both freedom and hierarchy. In some videos, the children play in ordinary neighborhoods filled with laughter and routine. In others, games unfold beside military checkpoints or in areas shaped by poverty, displacement and war.

Play persists, but never outside history.

The multi-screen installation at MAMU emphasizes these contrasts, showing both the universality of childhood and the inequalities that define it. Similar games appear across radically different geographies, suggesting what the curators describe as a kind of underground cosmopolitan culture of childhood – one that challenges the rigid identities of the adult world.

At the same time, the exhibition reflects on disappearance.

Traditional street games, some with roots stretching back to ancient Mesopotamia, are becoming less visible. Urban traffic has overtaken streets once used as playgrounds. Safety concerns have limited unsupervised outdoor play. Screens and digital entertainment increasingly dominate leisure time. Public space itself has become more regulated, commercialized and less available for improvisation.

Alÿs’s work does not romanticize the past, but it does capture transient moments of celebration.

What looks ordinary today – a spinning top, a hopscotch square, a game played with stones – may one day become a contemporary hieroglyph, evidence of how communities once formed themselves in public space.

As curator Cuauhtémoc Medina notes, games are not eternal. Their disappearance may signal something larger about the transformation of humanity itself.

If all the world’s a street, Alÿs has chosen not to place these collaborative works on the market, underscoring their documentary and communal nature. For the multi-medium storyteller, games, like art, are not commodities, but shared records of our collective experience.

This Bogotá presentation marks the exhibition’s fifth international stop following showings in Mexico City, Antwerp, Guadalajara and Santiago de Chile. In 2024, Alÿs also presented the project at the Barbican Art Gallery under the title Ricochets, marking the first time his work was shown in the United Kingdom.

At MAMU, the museum becomes more than a gallery – it becomes a space to reconsider childhood, the city and the fragile public spaces where both are formed.

Museo de Arte Miguel Urrutia. Calle 11 No.4-21.

Admission is Free.

Colombia navigates fiscal challenges following S&P rating revision.

In Colombia’s local fixed-income market, the Títulos de Tesorería (TES) fixed-rate curve appreciated across its entire structure over the last month. As of March, the total balance of TES in circulation stood at 747.9 trillion COP. Despite this positive market valuation, macroeconomic headwinds remain a central concern for the Ministerio de Hacienda y Crédito Público. The fiscal balance of the Gobierno Nacional Central (GNC) reported an accumulated deficit of 1.7% of GDP through February.

These persistent fiscal imbalances were cited as the primary driver behind the recent decision by S&P Global (NYSE: SPGI) to downgrade Colombia’s sovereign credit rating. The administration continues to manage these debt instruments against a backdrop of tight monetary conditions, which remain a primary focus for institutional investors holding Colombian sovereign paper.

Colombian fixed-income markets show valuation gains despite a recent S&P credit downgrade linked to ongoing fiscal imbalances.

The international fixed-income landscape experienced notable shifts between March 25 and April 23, 2026. The yield curve for US Treasury bonds displayed mixed performance, defined by a decrease in short-term rates and an increase in long-term yields. Analysts attribute this volatility primarily to conflicting signals regarding the ongoing conflict in the Middle East.

Economic indicators released by the Bureau of Labor Statistics show that annual consumer inflation, measured by the Consumer Price Index (CPI), accelerated by 0.9 percentage points to reach 3.3% in March. This data triggered a rebound in short-term inflation expectations within the Treasury bond market, while medium and long-term outlooks remained stable. Consequently, the Intercontinental Exchange (NYSE: ICE) MOVE index—which tracks public debt market volatility—and the Cboe (NYSE: CBOE) VIX—which monitors S&P 500 equity volatility—both registered significant declines during the period.

Central bank hike aims to stabilize inflation amid global volatility.

The upcoming monetary policy meeting of the Banco de la República, scheduled for April 30, takes place as the balance of financial risks has shifted significantly compared to the first quarter of 2026. Analysts from Bancolombia (NYSE: CIB) expect the Junta Directiva to increase the benchmark interest rate by 75 basis points, bringing the policy rate to 12.00%.

The convergence of elevated inflation, recent reversal episodes, and misaligned market expectations has reinforced the perceived need for a restrictive monetary stance. This strategy aims to contain domestic demand while preserving the institutional credibility of the central bank. Unlike previous sessions, the current decision-making process is influenced by a shifting global environment where markets have moved toward a higher-for-longer interest rate scenario amid increased uncertainty.

Recent discussions regarding the participation of the Ministro de Hacienda in the Junta Directiva sessions have introduced an additional element of analysis. However, current assessments suggest this does not alter the fundamental policy diagnosis, and no disruptions to the decision-making process are anticipated. Monetary policy is expected to maintain consistency, with the strategic focus shifting from reaching a contractive level to determining the necessary duration of that posture.

Analysts project Banco de la República will raise rates to 12.00% to combat inflation despite slowing domestic economic growth.

The international economic context provides a mixed backdrop for the Colombian decision. Private sector activity in the US appeared to accelerate in April, following a 1.7% monthly increase in retail sales during March. In contrast, the Eurozone reported a contraction in economic activity during April. Energy markets have also seen volatility, with US crude inventories rising in the second week of April while gasoline stocks saw a significant decline. Furthermore, crude prices surged following reports of new security incidents in the Strait of Hormuz.

Domestically, the Departamento Administrativo Nacional de Estadística reported that the Índice de Seguimiento a la Economía grew by 1.6% in February. While imports maintained growth during the same month, the urban unemployment rate across the 13 primary metropolitan areas continued a downward trend through March 2026. In the fixed income market, the central government reported debt levels at 64.2% of GDP for the first quarter, with internal debt accounting for 71.2% of that total.

Market movements reflected these broader trends as the US Treasury curve saw valuation increases driven by investor caution. In the region, Colombia, Brazil, and Uruguay emerged as the primary beneficiaries of the J.P. Morgan (NYSE: JPM) GBI index rebalancing in March. Locally, fixed-rate Títulos de Tesorería experienced devaluations across the entire curve last week. According to the April Encuesta de Opinión Financiera, these devaluations are expected to persist in the coming months. In currency markets, the COP appreciated last week against a backdrop of global and local factors, while the Euro lost ground against the USD.

Headline photo: Bogotá headquarters of Banco de la República (Banrepublica). Photo credit Juan Enrique Rodríguez, courtesy Banrepublica

Credit downgrade is an indictment of the Petro administration’s fiscal management, including suspension of the fiscal rule.

On April 8, 2026, S&P Global Ratings (NYSE: SPGI) lowered its long-term foreign currency sovereign credit rating on Colombia to BB- from BB and its long-term local currency rating to BB from BB+. The outlook for both ratings is stable, reflecting expectations that the Government of Colombia will gradually reduce its fiscal deficit while sustaining moderate growth in the national gross domestic product.

The rating action follows persistent fiscal imbalances and a policy environment that has become less predictable since the pandemic-related recession. The government decision to suspend the national fiscal rule in 2025 marked a significant shift in the policy framework. Pro-cyclical fiscal policies have provided marginal support for employment and consumption, but have also contributed to higher inflation expectations and a wider current account deficit. S&P expects the general government fiscal deficit to reach 5.6% of the national gross domestic product in 2026, compared to 5.3% in 2025.

“We expect Colombia to have consistently large fiscal deficits over the next few years.” — S&P Global Ratings

Institutional stability remains a key factor in the rating, though challenges persist. A fragmented legislature followed the March 2026 elections, where Pacto Histórico and Centro Democrático emerged with the largest minorities. The upcoming presidential election, scheduled for May 31, 2026, adds further uncertainty. Candidates such as Iván Cepeda of Pacto Histórico, Paloma Valencia, and Abelardo de la Espriella have proposed varying approaches to fiscal consolidation. The new administration will inherit spending pressures related to domestic security, rising healthcare costs, and pension payments linked to minimum wage increases.

The Banco de la República, the independent central bank of the country, has maintained a tight monetary policy to combat inflationary pressures. Annual inflation reached 5.3% in February 2026, prompting the bank to increase reference rates to 11.25%. S&P anticipates that inflation will not return to the target range of 3% +/- 1% until early 2029. While the independent status of the central bank provides a buffer against external shocks, high interest rates and lower-than-expected revenue collections have contributed to the widening deficit since 2024.

Economic growth is projected at 2.5% for 2026, slightly below the 2.6% recorded in 2025. Per capita growth is estimated at $9,900 USD for 2026, with real growth expected to average just above 2% through 2029. Despite being a net energy exporter, the performance of the US economy and international energy prices continue to influence national outcomes. Hydrocarbon exports declined to 35% of goods exports in 2025, down from 67% in 2013, showing some diversification even as the sector remains a primary source of volatility.

Net general government debt is forecast to approach 66% of the national gross domestic product by 2029, rising from 60.4% in 2025. S&P notes that the government interest burden will average 12.3% of general government revenue over the next three years. The shift toward issuing shorter-term debt instruments has reduced reported interest payments but increased vulnerability to interest rate fluctuations. External indicators remain a concern, with narrow net external debt expected to stabilize at 130% of current account receipts through 2029. Foreign direct investment is expected to be the primary source for funding the current account deficit, which is projected to stabilize around 2.6% of the national gross domestic product.

Vise photo credit © Loren Moss

President Gustavo Petro has triggered a rare institutional confrontation with the Central Bank  after he ordered to “break relations” following an modest interest rate increase, raising concerns over economic policy independence just two months before the May 31 presidential election.

The board of Banco de la República voted on March 31 to raise its benchmark rate by 100 basis points to 11.25 per cent, defying government pressure for looser policy. Finance minister Germán Ávila denounced the move as “disproportionate” and withdrew from the board, accusing policymakers of privileging financial sector interests over economic growth.

The decision marks an unprecedented rupture in Colombia’s macroeconomic governance framework. By stepping away from the board, Ávila has effectively deprived it of the quorum required to meet under existing statutes, raising the prospect of a policy deadlock just as inflation remains above target.

At stake is more than a disagreement over rates. The confrontation exposes deeper tensions between a government focused on growth and redistribution and a technocratic central bank committed to price stability. It also risks undermining one of Colombia’s most respected institutions at a time of heightened global uncertainty.

Governor Leonardo Villar defended the rate hike, insisting the bank’s constitutional mandate to control inflation could not be subordinated to political considerations. He said the board remained focused on steering inflation back to its 3 per cent target, noting that price pressures — currently running at 5.29 per cent annually — remain elevated despite signs of moderation.

“The decisions are based on technical criteria,” Villar said, rejecting accusations of bias towards the financial sector. He also warned that the government’s withdrawal runs counter to institutional norms.

Markets are now watching whether the government intends to sustain its boycott. Under Colombian law, the presence of a Finance Minister is required for board meetings, meaning continued absence could paralyse rate-setting decisions in the coming months. Three key meetings — in April, June and July — are scheduled before the end of Petro’s term, with the latter two falling after a decisive first-round of the presidential elections.

Business leaders have reacted with alarm. Camilo Sánchez, head of utilities association Andesco, described the breakdown in coordination as “dire”, warning that permanent dialogue between fiscal and monetary authorities is essential for economic stability.

Analysts say the government may be using institutional leverage to halt further rate increases, given that a majority of board members had signalled a tightening bias to anchor inflation expectations. A prolonged standoff could, however, carry significant costs.

Colombia has long been viewed by investors as a regional outlier for its strong central bank independence. Any perception that political pressure is eroding that autonomy could weigh on the peso, increase borrowing costs and deter foreign investment.

The dispute comes against a complex macroeconomic backdrop. Inflation has been fuelled in part by a sharp increase in the minimum wage and higher public spending, while external risks — including rising energy prices linked to the war in the Middle East and closure of the Strait of Hormuz by Iran.

For Petro, the rate hike reinforces a long-standing critique that tight monetary policy is stifling growth and employment. Writing on social media, the president accused the central bank of pursuing a “suicidal” policy that harms the wider economy.

Yet economists warn that weakening institutional credibility could ultimately prove more damaging than high interest rates. “The risk is not just policy error,” one Bogotá-based analyst said. “It is the erosion of the rules of the game.”

The coming weeks will test whether the standoff is a negotiating tactic or the start of a more fundamental shift in Colombia’s economic governance. Either way, the episode has already injected a new layer of uncertainty into one of Latin America’s most closely watched economies.

Stronger peso and oil prices shift Colombian investment landscape.

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)

Monetary tightening impacts investment outlook in Colombia.

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.

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

The bank’s analysts say that the increase still doesn’t include the effects of Gustavo Petro’s 23% decreed increase in the country’s legal minimum wage.

According to a report by the Economic, Industry & Market Research Area of Bancolombia (BVC: BCOLOMBIA, NYSE: CIB), annual inflation in Colombia rose by 25 basis points to 5.35% in January 2026. This monthly increase of 1.18% represents the highest inflation level since October 2025.

The data, originally prepared by the National Administrative Department of Statistics (DANE), indicates that 70% of the January inflation print was concentrated in the services and regulated components. These two sectors contributed 83 basis points of the total 118-point monthly increase, largely driven by the initial stages of annual cost pass-throughs associated with high indexation.

Businesses should prepare for more intense inflationary pressures in February and March 2026 as the full impact of the minimum wage increase and renegotiated supplier contracts take effect.

Sectoral Impacts and Service Acceleration

Annual inflation in the services category accelerated by 40 basis points to reach 6.33% in January, its highest level since April 2025. The monthly variation of 1.18% in this sector was nearly double the historical January average of 0.63%.

Bancolombia analysts attribute this acceleration to early adjustments linked to the 23% minimum wage increase for 2026 and indexation to previous years’ inflation. Notable increases were observed in:

• Full-service restaurant meals: 3.36%
• Prepared meals consumed outside the home: 2.38%
• Domestic services: 5.16%
• Imputed rent: 0.43%

The regulated group also saw an acceleration, with annual inflation rising to 5.47% from 5.40%. This was primarily explained by adjustments in urban transportation, vehicle fuels, natural gas, and tolls.

Food and Goods Price Momentum

Annual food inflation edged up slightly to 5.10% from 5.06%. Perishable foods saw an acceleration to 4.69% due to seasonal and supply factors affecting products such as tomatoes, potatoes, and plantains. Processed foods, including beef, milk, and poultry, reflected early-year cost pass-throughs, though annual inflation in this sub-group eased to 5.23%.

The goods category reached its highest level since March 2024, at 2.93%. Price hikes in this segment were driven by new taxes on alcoholic beverages enacted under the economic emergency, as well as pharmaceutical products. Conversely, price declines were noted in personal hygiene products, vehicles, and appliances, benefiting from the recent appreciation of the exchange rate.

Monetary Policy Implications and Forecasts

The Central Bank of Colombia (Banco de la República) faces continued challenges in converging toward its 2% to 4% target range. Core inflation, excluding food and regulated items, reached its highest level since November 2024, indicating persistent upward pressure.

Bancolombia forecasts that year-end inflation will reach 6.4%. The analysts suggest that the full impact of the minimum wage increase has not yet been reflected in consumer prices, as many firms are still operating with inventories purchased at previous cost levels.

Consequently, the Central Bank is expected to continue raising its monetary policy rate to anchor inflation expectations. Bancolombia anticipates the policy rate could rise to 11%, noting that the challenging outlook introduces a hawkish bias to future decisions.

Photo courtesy Bancolombia

Colombian President Gustavo Petro on Sunday mounted a forceful defence of his government’s 23.7% minimum wage increase for 2026, pledging to issue a temporary decree to keep the so-called “vital wage” in place after the Council of State provisionally suspended the original measure.

Speaking in a televised address on Feb. 15, Petro said that while he disagreed with the high court’s decision, he would respect the judicial process and comply by issuing a transitory administrative decree, pending a final ruling.

“The vital wage will remain in place until the new decree is issued,” Petro said, rejecting claims that the increase had triggered inflation or job losses and insisting that workers’ purchasing power must not be subordinated to shifting economic variables.

The Council of State questioned the technical justification and procedural basis of the December decree that lifted the monthly minimum wage to 1.75 million pesos ($470) – close to 2 million pesos including transport subsidies – forcing the government to revisit the measure barely six weeks after it took effect on Jan. 1.

Rather than retreating, Petro escalated the confrontation, calling for nationwide demonstrations on Feb. 19 to defend what he described as a historic social gain for Colombian workers.

“We’ll see each other in all public squares across Colombia,” the president wrote on social media, framing the dispute as a struggle over dignity and constitutional labour rights rather than a technical wage-setting debate.

Petro anchored his argument in Constitutional Court ruling C-815 of 1999, which he said obliges governments to consider not only inflation and productivity but — “with prevailing character” – the constitutional mandate to guarantee a minimum, vital and mobile wage.

Even higher wage not ruled out

In a move that further unsettled markets and business groups, the government signalled that the revised decree could maintain – or even exceed – the original 23.7% increase.

Labour Minister Antonio Sanguino said on Monday that “nothing is ruled out” as the government reconvenes the Permanent Commission on Wage and Labour Policy, bringing unions and employers back to the negotiating table.

The president himself suggested that a true “vital wage” should be closer to 2.15 million pesos, well above the current level.

Sanguino said the commission would review updated economic indicators from the national statistics agency DANE and the finance ministry, including inflation data for early 2026 and labour market trends from 2025.

Inflation and employment debate intensifies

Petro dismissed warnings that the wage hike could fuel inflation or unemployment, arguing that recent data contradict those claims. In a post on “X”, he said that even with Central Bank’s inflation forecasts near 6.4%, wage growth would remain strong and support domestic production and productivity. “It would be a national stupidity to lower the vital wage,”added  Petro, affirming also that the country’s first leftist administration would still listen to business leaders.

Economists and employers, however, remain sceptical. Financial analysts claim the suspension highlights institutional concerns over policy predictability, and fear the standoff could undermine investor confidence at a time when Colombia is grappling with deep fiscal debt and high labour informality.

The wage dispute has sharpened tensions between Colombia’s Executive, judiciary and private sector, just three months before first-round presidential elections in May 31.

The outcome of the Council of State’s final ruling – and whether the Executive succeeds in forging a late compromise with employers — will shape not only labour costs in 2026 but also a broader debate over economic governance and the autonomy of the Banco de la República.

For now, the minimum wage remains in legal limbo — enforced by decree, contested in court, and to be defended by his political base this week on the street.

Musical instruments are far more than tools for producing sound: they embody the cultural identity of a territory, carrying spiritual meanings, collective memory, and the deep-rooted expressions that shape a community’s history. Colombia en un Aliento 2026 (Colombia in a Breath 2026) invites audiences on a sonic journey through the country’s wind instruments, encouraging reflection on how human breath and aerophones have shaped identities, spiritual practices, and spaces of encounter from pre-Hispanic times to the present day.

Conceived as a national cultural project, Colombia en un aliento: instrumentos de viento que narran un país (Wind Instruments That Tell the Story of a Nation) brings together ancestral knowledge, popular traditions, and contemporary artistic creation. Through an interdisciplinary approach, the initiative connects past, present, and future via a wide-ranging cultural program structured around four thematic lines.

El soplo como rito de la vida (Breath as a Rite of Life) explores the symbolic and ritual significance of wind instruments among Indigenous and Afro-Colombian cultures, where blowing air through wood is understood as an act of vitality, spirituality, and connection with the natural world. In these traditions, breath is not merely physical – it is a force that sustains life, memory, and the sacred.

El viento del encuentro (The Wind of Encounter) focuses on the social and communal role of wind instruments in fiestas, carnivals, and collective celebrations. From village plazas to major public gatherings, these instruments create shared rhythms, reinforce bonds of belonging, and transform music into a space for encounter and social cohesion.

Alientos universales, músicas locales (Universal Breaths, Local Music) examines historical processes of cultural exchange, mestizaje, and adaptation. It traces how wind instruments introduced from other parts of the world were reinterpreted across Colombia’s diverse regions, giving rise to musical expressions deeply rooted in local landscapes, histories, and identities.

Respirar el future (Breathing the Future) looks toward contemporary creation techniques, from experimentation with digital technologies to new sonic languages. The section reflects on current artistic practices in which tradition and innovation coexist, opening pathways for composition, teaching, and cultural narratives.

Together, these four thematic pillars support spaces for reflection and research, that strengthen Colombia’s sound identity. From making local knowledge visible and fostering cultural innovation, more than a series, Colombia en un Aliento / Colombia in a Breath proposes a collective experience – an invitation to understand wind instruments as symbols of life, resistance, and social cohesion.

As a year-long project by the Cultural Subdirectorate of the Banco de la República – Central Bank – this initiative will continue in 2027 with a new thematic focus on the human voice as a sonic element, expanding its exploration of sound as a carrier of memory and meaning.

The initiative will be officially launched with the public conversation “El soplo y los instrumentos: sonidos que cuentan historias / Breath and Instruments: Sounds That Tell Stories” on Tuesday, February 3 at 5:00 p.m. in the Audiovisual Hall of the Luis Ángel Arango Library (BLAA) in Bogotá.

The event will feature José Pérez de Arce, Chilean musicologist and leading authority on ancestral aerophones; Humberto Galindo, Colombian researcher and director of the Museo Mundo Sonoro; and Luis Fernando Franco, composer and co-founder of Guana Récords with more than four decades dedicated to musical research and creation.

The conversation will also be streamed live on Banrepcultural’s YouTube channel, opening this shared reflection on breath, sound, and identity to audiences in Colombia and internationally.

For more information visit the cultural page of the Central Bank: https://www.banrepcultural.org/noticias/instrumentos-de-viento-en-colombia-en-un-aliento-2026

Beatriz González, one of Latin America’s most influential contemporary artists, whose boldly colored, deliberately unrefined paintings and installations confronted Colombia’s long history of political violence, public mourning and social inequality – while also reshaping the country’s most important public art collection – died on Jan. 9, 2026, at her home in Bogotá. She was 93.

Her death was announced by the Banco de la República, Colombia’s central bank, where for more than four decades she played a decisive role in shaping the institution’s cultural mission and its vast art collections. In a statement, the bank described her as “an essential figure in Colombian art and culture” and “a masterful narrator of memory.”

González was not only a prolific artist but also a historian, curator, educator and critic — a rare figure who helped define how Colombia would see its art, its past and, ultimately, itself. “Artists exist so that memory is not thrown in the trash,” she once said, a line that came to stand as a quiet manifesto for a career devoted to preserving what official histories often erased.

Born in Bucaramanga in 1932, González came of age during La Violencia, the brutal civil conflict that engulfed Colombia between 1948 and 1958. That formative experience would leave an indelible mark on her work. After briefly studying architecture, she enrolled at the University of the Andes in Bogotá, graduating with a degree in fine arts in 1962. She later studied printmaking in Rotterdam and counted among her teachers the influential critic Marta Traba, who helped shape modern art discourse in Latin America.

González’s early work drew attention for its irreverent treatment of European art history and Colombian popular imagery. Her critical view of “good taste” led her to reject academic refinement in favor of what the art critic Germán Rubiano described as an approach that was consciously unpolished and deliberately opposed to sophistication.

She appropriated masterpieces by Manet, Leonardo da Vinci and Raphael, flattening their compositions and translating them into the visual language of curtains, furniture and household objects. Armoires, beds, trays and even wallpaper became supports for paintings marked by compressed figures and bold color palettes — a strategy that blurred the boundary between high art and domestic life.

One of her earliest and most discussed works, The Sisga Suicides (1965), reimagined a newspaper photograph of a young couple who drowned themselves in a dam outside Bogotá. Rendered in vivid, almost cheerful colors, the painting exposed the uneasy coexistence of tragedy and banality in Colombian public life — a theme that would recur throughout her career.

By the 1980s, González’s art took on an increasingly overt political tone. Press photographs of presidents, massacres and grieving families became central to her work. She painted them repeatedly, transforming news images into objects of repetition and contemplation, as if to ask how a society becomes accustomed to its own suffering. “It’s been a critique of power that has permeated my work,” she told ArtReview in 2016. “For that very reason, I don’t think of it as ‘political’; it has an ethical commitment.”

Her focus on mourning was particularly stark in works depicting mothers weeping after the 1996 Las Delicias massacre, in which dozens of Colombian soldiers were killed by the FARC guerrilla. These images, stripped of sentimentality, confronted viewers with grief as a collective, inescapable condition. The depth with which González addressed both individual and collective mourning stands among her most significant contributions to contemporary art.

That macabre clarity intensified in the 2000s. In Anonymous Auras (2023), one of her final major works, González installed more than 8,000 printed silhouettes of workers carrying corpses across the wall niches of Bogotá’s Central Cemetery. The figures – anonymous, repetitive and almost ritualistic – transformed the cemetery into a monumental archive of loss, honoring victims whose names were never recorded.

“Artists exist so that memory is not thrown in the trash”

Parallel to her artistic production, González exerted extraordinary influence as a curator and cultural policymaker. Beginning in the 1980s, she became a close collaborator of the Banco de la República’s cultural division, serving as a researcher, curator and longtime member of its advisory committee on visual arts. In that role, she helped guide the formation of a national art collection with a distinctly Colombian focus, while insisting on dialogue with international works of the highest quality.

Few individuals knew the Central Bank’s art collection as intimately as González. Over more than forty years, she worked alongside successive generations of curators, historians and collectors, helping to consolidate one of the most important public art collections in Latin America.

In 2020, she donated her personal archive and library — nearly 100,000 documents — to the Banco de la República to ensure free public access. The archive documents not only her artistic practice but also her work as an educator, curator and historian, and provides an unparalleled record of Colombian art, politics and visual culture.

Her institutional impact reached beyond the Central Bank. At the Museo de Arte Moderno de Bogotá (MAMBO), she founded the influential School of Guides, a pioneering program for museum education that trained figures who would later become leading artists and curators. From 1989 to 2004, she served as chief curator of the Museo Nacional de Colombia, where she reorganized the permanent collection and helped redefine the country’s historical narrative through art.

International recognition came steadily. Her work appeared in Documenta 14, the Berlin Biennale and the landmark exhibition “Radical Women: Latin American Art, 1960–1985.” Major retrospectives were held at the Pérez Art Museum Miami, the Museum of Fine Arts, Houston, and the CAPC in Bordeaux. In 2026, the Barbican Centre in London is set to host her first major retrospective in the United Kingdom.

González received numerous honors, including Colombia’s Premio Vida y Obra and honorary doctorates from the University of the Andes and the University of Antioquia. In 2025, the city of Bogotá awarded her the Civil Order of Merit, recognizing her invaluable legacy and profound influence on the nation’s cultural life.

Yet she remained skeptical of accolades. She preferred to speak of discipline, research and responsibility — and of the obligation, as she saw it, to bear witness. From a childhood habit of collecting film-star postcards to a lifetime spent gathering images of state violence, Beatriz González devoted herself to the stubborn preservation of memory and to an unapologetic voice in Colombian contemporary art.

Read the Banco de la República’s tribute (in Spanish) to Beatriz González, written by Claudia Cristancho Camacho of the Cultural Section and Art Collection. 

https://www.banrepcultural.org/noticias/despedimos-la-maestra-beatriz-gonzalez-figura-esencial-del-arte-y-la-cultura-en-colombia