Colombia recorded more than 24 million non-resident visitors during the current presidential term and generated close to $34.43 billion USD in foreign exchange from travel through December 2025, figures released by the Ministry of Commerce, Industry and Tourism (Ministerio de Comercio, Industria y Turismo, or MinCIT) show. The ministry says tourism has become one of the country’s largest sources of foreign exchange, surpassing traditional export sectors such as coal and coffee.

“Today, Colombia demonstrates that it can also generate wealth from its biodiversity, its cultural heritage, the quality of its services and the talent of its people.” -Diana Marcela Morales, Former Minister of Commerce, Industry and Tourism

The figures were presented during the Foro Internacional de Turismo: Colombia, un destino por explorar (International Tourism Forum: Colombia, a Destination to Explore), held in Bogotá on July 15. The event brought together tourism associations, business leaders, academics and government officials to discuss the sector’s performance and future, including regenerative tourism, artificial intelligence, smart mobility and innovation in visitor experiences.

Promoted under the campaign Descubre la Diversidad de Colombia, El País de la Belleza (Discover the Diversity of Colombia, the Country of Beauty), the ministry reported that more than 24 million non-resident visitors arrived during the administration of President Gustavo Petro, representing a 109% increase compared with the previous equivalent period. Of those arrivals, 14.8 million were foreign visitors.

According to the Banco de la República, Colombia’s central bank, tourism generated approximately $34.43 billion USD in foreign exchange through December 2025, exceeding revenue from coal and coffee exports. Tourism has also become the country’s largest services export, with 57% of services export earnings coming from the sector.

“For decades, much of the country’s capacity to generate foreign exchange was tied to the export of raw materials,” Former Minister of Commerce, Industry and Tourism Diana Marcela Morales said. “Today, Colombia demonstrates that it can also generate wealth from its biodiversity, its cultural heritage, the quality of its services, the talent of its people and the confidence that millions of people place in choosing the country as a destination. Tourism expresses, perhaps like few other sectors, that transition toward a more diversified economy with greater added value.”

Employment has also expanded alongside visitor growth. Figures from DANE (Departamento Administrativo Nacional de Estadística, Colombia’s National Administrative Department of Statistics) show that accommodation and food service activities supported approximately 1.8 million jobs in February 2026, a 15% increase compared with the same period in 2019. During 2025, the sector accounted for 4.4% of Colombia’s national value added.

International demand has continued to grow during 2026. In the first quarter, more than 368,000 international airline tickets were sold with Colombia as the destination, representing a 16.7% increase over the previous year. The largest source markets were the United States, Brazil and Mexico.

During the first two months of 2026, approximately 10 million passengers traveled through Colombia’s airports, an 8% increase across domestic and international traffic. Between January and March, the country received 1.58 million non-resident visitors.

The government has also expanded tourism investment beyond major destinations. MinCIT reported that infrastructure projects—including trails, docks, boardwalks and gastronomic plazas—have reached 699 municipalities, representing 63% of Colombia’s territory. According to the ministry, 207 municipalities received tourism investment for the first time.

The ministry also said tourism initiatives now cover all 140 municipalities included in Colombia’s Programas de Desarrollo con Enfoque Territorial (Development Programs with a Territorial Focus, or PDET), a post-conflict development framework for areas historically affected by armed conflict. Through its Turismo para una Cultura de Paz (Tourism for a Culture of Peace) strategy, more than 999 businesses have joined the Colombia Destinos de Paz (Colombia Peace Destinations) certification.

“Unlike other economic activities, whose benefits tend to concentrate in specific production centers, tourism generates value precisely where a country’s natural, cultural and historical heritage is located,” Morales said. “It is a bridge that connects different cultures and brings opportunities to intermediate municipalities, strengthens rural economies, energizes small businesses and creates incentives to conserve what makes each territory unique.”

Headline Photo: Beachside in Barú, Colombia (photo by Loren Moss)

Four years after Gustavo Petro took office, Colombia is a different country from the one he inherited in August 2022, but it continues to face some of its deepest historical problems: inequality, violence, drug trafficking, illegal economies, corruption and the state’s limited ability to exercise control over large parts of the country.

Petro came to power with an ambitious promise: to transform the country. His election represented a historic change in itself. For the first time, a leader from the left reached the presidency, and social sectors traditionally distant from power gained direct representation in the executive branch.

Four years later, just as the self-described “Gobierno del Cambio” (Government of Change) comes to an end, the record is mixed. Petro leaves behind measurable social progress, a broader political spectrum capable of competing for power and significant reforms in labor and politics. But he also leaves unfinished projects, a peace policy that failed to achieve its objectives, a persistent crisis in the health care system, corruption scandals, and an administration marked by high ministerial turnover.

Perhaps his deepest legacy lies not in any specific reform, but in demonstrating that Colombian democracy could incorporate sectors that had remained on the margins of power for decades without altering the system of checks and balances that underpins the country’s democratic processes.

The main achievement: A broader democracy

Petro’s election in 2022 was the culmination of a political process Colombia had been experiencing for decades: the gradual expansion of the ideological spectrum with a realistic chance of reaching the presidency.

Francia Márquez‘s rise to the vice presidency carried equally profound significance. A Black woman from a region historically affected by poverty and conflict, her election became a symbol of political mobility and representation in a country where economic and social elites have traditionally dominated the main centers of power.

Márquez built part of her political discourse around the “nadies” (nobodies), an expression intended to champion historically excluded communities. Petro incorporated that narrative during his term and embraced political and social inclusion as one of the defining elements of his administration.

From that perspective, regardless of how its public policies are evaluated, the Petro administration leaves behind a broader democracy: after 2022, Colombia demonstrated that ideological, social, ethnic and regional groups previously distant from presidential power could also reach the Casa de Nariño. It was a necessary message for a country whose guerrilla movements emerged partly in response to the traditional two-party system of the last century.

Paradoxically, that expansion coexisted with an often-conflictive relationship between the president and some of the institutions designed precisely to limit the exercise of power.

At various points, Petro challenged Congress, the courts, the Banco de la República, the media and sectors of the opposition when their decisions stood in the way of parts of his agenda. Those checks, however, are not an anomaly in Colombia’s political system but one of its structural components: the system of checks and balances.

Incoming President Abelardo de la Espriella will likely face a similar reality. Without his own majorities in Congress, his ability to govern will also depend on negotiations, judicial oversight and institutional limits that no president can eliminate simply by winning an election.

Francia Márquez during her inauguration as vice president of Colombia at Plaza de Bolívar in Bogotá on August 7, 2022. Photo courtesy of the Presidency of Colombia.

Less poverty, more employment and higher wages

On social issues, several indicators improved during the Petro administration.

In 2025, according to figures from the Departamento Administrativo Nacional de Estadística, or DANE, monetary poverty fell to 28%, the lowest level recorded in the country up to that point. Petro had taken office in 2022, when the rate stood at 36.6% following the sharp increase caused by the pandemic.

During the first three years of his administration, about 3.8 million people moved out of monetary poverty and nearly 1 million escaped extreme poverty, according to official DANE figures.

The labor market also improved. Unemployment, which stood at around 11.3% in 2022, fell to about 8% during the first months of 2026.

Petro also ended his term with a 23% increase in the minimum wage for 2026, far above inflation, which closed 2025 at 5.1%. The measure directly benefited about 2.5 million workers and their families and reflected one of the president’s most consistent political priorities: improving workers’ incomes and conditions.

The labor reform moved in the same direction, increasing the amount employers must pay for nighttime, Sunday and holiday work: one of the country’s long-standing labor policy shortcomings.

Those results allow the outgoing government to argue that part of its redistributive agenda produced tangible effects, even though Colombia remains a deeply unequal society.

Reforms that advanced and those left halfway

The record of Petro’s major structural reforms is considerably more complex.

Agrarian reform, one of his central campaign promises, fell far short of its goals. Petro had proposed purchasing 1.5 million hectares of land for distribution to farmers and advancing the formalization of 7 million hectares envisioned under the Peace Agreement.

According to figures from the Ministry of Agriculture, more than 462,000 hectares had been purchased by mid-2026, less than one-third of the announced target.

On pensions, the government succeeded in getting Congress to approve an overhaul of the system that replaced competition between public and private regimes with a system based on a public foundation and additional savings mechanisms administered by private entities. To secure its passage, the executive branch had to compromise on some of its original objectives. The reform was subsequently challenged in court, and its implementation was suspended while the Constitutional Court reviewed the legislative process, which remains unresolved in the absence of a final ruling from the court.

Colombia’s institutional system thus once again demonstrated the limits any president faces when attempting to implement structural transformations without sufficiently broad political consensus.

“Total Peace”, one of the administration’s biggest defeats

If there was one area where results fell particularly far short of initial expectations, it was security policy and the so-called “Total Peace” initiative.

Petro came to power proposing simultaneous negotiations with different armed organizations to reduce violence and move toward resolving the conflicts that persisted after the 2016 agreement with the FARC.

Four years later, his government ended without reaching a final agreement with the main armed groups with which it had opened negotiations.

During that period, organizations such as the Ejército de Liberación Nacional (ELN), and the Clan del Golfo maintained or expanded their operational capacity in different territories, while the country continued to record kidnappings, recruitment of minors, attacks and killings of social and political leaders.

Political violence reached one of its most serious moments with the killing of presidential hopeful Miguel Uribe, an event that reminded the country of the dangers of political violence that Colombia had believed it had left behind.

The failure of Total Peace to produce sustainable agreements will likely be one of the most difficult aspects of the outgoing president’s legacy to defend.

A health care transformation that never came

Petro also failed to transform the health care system on the terms he had proposed during the campaign.

The reform became one of the main battlegrounds among the executive branch, Congress, insurers, health care providers and different political sectors.

As that dispute continued, patient petitions, complaints and claims increased from about 915,000 in 2021 to 2.1 million in 2025, according to figures from the Superintendencia Nacional de Salud.

By the end of the administration, many patients continued to report difficulties obtaining medications and receiving timely care at hospitals and clinics, while household out-of-pocket spending on health care increased.

Petro profoundly altered the debate over Colombia’s health care model, but he failed to replace it with the system he had promised.

Corruption undermined one of Petro’s central promises

Perhaps one of the government’s most politically costly contradictions was corruption.

Petro had built much of his political career denouncing links among corruption, public contracting, and traditional power structures. His arrival at the presidency came with a promise to govern differently.

His administration, however, ended up being affected by several scandals.

The most significant involved the Unidad Nacional para la Gestión del Riesgo de Desastres (UNGRD), in which investigations pointed to the alleged use of public resources and contracts to benefit members of Congress in exchange for support for government initiatives.

The instability caused by the legal troubles surrounding Ricardo Roa, who headed the country’s most important oil and gas company, also had a profound economic impact, eroding both the company’s market value and the governance of one of the institutions underpinning the national economy.

Those controversies were compounded by investigations and disputes involving members of the president’s political and family circle. His son, Nicolás Petro, faced criminal proceedings related to funds received during the campaign, while Verónica Alcocer, then the president’s wife, remains at the center of questions over the use of public funds.

Determining individual responsibility is a matter for judicial and oversight authorities, but politically, the cases eroded one of the central elements of the message that had brought Petro to power.

More than 60 ministers in four years

Administrative instability also became a defining feature of the government. Over four years, more than 60 people served across 18 ministries, equivalent to an average of more than three officeholders per ministry.

The changes reflected political crises, disagreements within the governing coalition, differences between ministers and the president, shifts in the executive branch’s priorities and, at various points, difficulties maintaining a stable administrative course.

The result was a government with considerable rhetorical ability to place issues on the public agenda, but greater difficulty turning some of those debates into sustained policies over its four years in office.

Congresswoman María José Pizarro places the presidential sash on Gustavo Petro during his inauguration at Plaza de Bolívar in Bogotá on August 7, 2022. Photo courtesy of the Presidency of Colombia.

Petro changed who can govern, but not the rules of power

Gustavo Petro’s legacy can hardly be reduced to a simple choice between success and failure.

His administration produced tangible social results and expanded the boundaries of political representation in Colombia. It also put issues on the agenda that will likely remain part of the debate under future governments: inequality, the energy transition, agrarian reform, the functioning of the health care system, and representation for historically excluded populations.

But the promise of structural transformation was far broader than the results ultimately achieved.

Petro discovered, as his predecessors did and as De la Espriella probably will, that winning the presidency does not mean controlling the Colombian state. Congress, the courts, oversight agencies, the Banco de la República, regional governments, the media and a deeply polarized civil society impose limits on any political project.

Petro discovered, as his predecessors did and as De la Espriella probably will, that winning the presidency does not mean controlling the Colombian state. Congress, the courts, oversight agencies, the Banco de la República, regional governments, the media and a deeply polarized civil society impose limits on any political project.

In that sense, the main transformation of these four years may have been less institutional than democratic: Petro did not completely change the way Colombia works, but he did help change the idea of who can govern it.

De la Espriella’s arrival at the presidency from the opposite end of the ideological spectrum is, paradoxically, another manifestation of that expansion.

Colombia thus ends four years of its first left-wing government and begins its first far-right government. What remains between the two is a democracy with more diverse political alternatives, but one that is also deeply polarized, with institutions under intense strain and many of the country’s historical problems still unresolved.

Historically, not only in Colombia but around the world, incoming presidents and prime ministers typically achieve only a fraction of what is promised during their campaigns. Even if 30% of commitments are delivered, Abelardo could still disappoint some of his supporters, particularly those in Medellín who became deeply disaffected with Gustavo Petro’s administration. Ultimately, only time will tell. Much has been promised, but the pudding still has to be proven.

One major challenge will be the currency, which has moved to levels not seen in many years. The peso reached COP 3,100 against the dollar on Friday, and while many had feared a move toward COP 3,000, the surprise decision by Banco de la República to leave interest rates unchanged at 12%, despite rising inflation, quickly reversed that trajectory. COP 3,200 appears possible as the week begins.

These are extremely challenging levels for exporters and, in turn, for Abelardo, who has promised a golden age for overseas sales. Key sectors such as coffee and flowers have already publicly expressed concerns about declining competitiveness. Even if the new administration succeeds in creating a new oil boom, revenues generated at current peso levels will be significantly lower than anticipated.

The past four years have been dominated by discussions around debt and deficits, which economists understand are the cumulative result of decisions made by previous governments. These pressures are unlikely to ease if the peso remains at current levels.

Consumer confidence from Fedesarrollo remains solid. Retail sales are supporting imports of durable goods, particularly vehicles and electronics, adding more than $1 billion USD to the monthly deficit.

Other sectors likely to feel pressure include tourism and real estate, both of which have experienced significant growth in recent years. Colombia has become an increasingly fashionable destination, and many visitors have later returned to invest in houses and apartments. Today, however, those investments have slowed, while visitors are finding hotels, restaurants and excursions considerably more expensive than they were two years ago.

The reasons behind the peso’s current level are many, but a key factor has been investment flows into Colombia’s attractive local TES bond market through carry trade strategies. That said, profit-taking could soon emerge, particularly if investors begin positioning for a stronger dollar.

Let’s see how “The Tiger” addresses the challenge.

My regards,

Roops

The Colombian peso strengthened 115 pesos against the US dollar last week to close at $3,335.46 COP, a 3.35 percent weekly appreciation that Grupo Cibest’s economic research team attributed to a weaker US dollar globally and to a larger-than-expected interest-rate increase at home. In its July 6 weekly report, Radar Bancolombia, the research unit of Bancolombia argued that the currency now trades well below the level its fundamentals would justify.

The Junta Directiva del Banco de la República (the central bank’s board of directors) raised its benchmark policy rate by 75 basis points to 12.00 percent, its highest level since March 2024, surprising a market that had priced in a 50-basis-point move. Even so, the bank argued that a rate consistent with Colombia’s macroeconomic and fiscal conditions should push the exchange rate toward a range between $3,400 and $3,650 COP.

What is moving the peso?

To isolate the drivers of the currency, the research team estimated a structural vector autoregression (SVAR) model that breaks the annual change in the market representative exchange rate (TRM) into international factors, local factors, exchange-rate dynamics and a speculative gap. The exercise found that during 2026 local factors have gained prominence and now explain close to half of the peso’s movements.

In June, Colombia’s sovereign risk premium corrected sharply, reflecting an improved perception of country risk tied to the coming change of administration. The nation’s five-year credit default swaps fell 69 basis points from the first round of the presidential vote — a 29 percent annual decline in June — and now sit about 24 basis points below the level the bank considers consistent with fair value. Among regional peers, Colombia’s policy rate is exceeded only by Brazil’s 14.25 percent, which the bank said keeps carry-trade strategies attractive.

The chart shows how the Colombian peso and the US dollar has detached from the fair value rate of the government. Chart by Finance Colombia.

Measured against where it should trade if it merely tracked its peer currencies and incorporated the deterioration in external fundamentals, the exchange rate should stand near $3,720 COP, Bancolombia estimated. The bank placed the currency’s fair value in a range between $3,710 and $3,880 COP, and noted that the United States economy has shown resilience, backed by technology investment, while inflationary pressures continue to limit the room for maneuver of the US Federal Reserve.

From September 2025, the observed rate detached significantly from that fair value. The bank linked the move first to monetization by the Ministerio de Hacienda (Finance Ministry) — foreign-currency sales of roughly $9 billion USD between September and December, against average daily spot volume of about $1,337 million USD in 2026 — and later to optimism over the change of administration. Those operations drew on a Total Return Swap, new euro-denominated bond issues and a direct placement to Pimco of $23 trillion COP, which raised about $5 billion USD. The gap against peer currencies turned negative after the first-round vote and has since averaged -$225 COP.

The bank described the pattern as a trade electoral — a repricing of Colombian assets in anticipation of a more market-friendly government — that held through much of the second half of 2025 and into 2026, interrupted only when polls showed a wider gap among the presidential candidates.

Bancolombia expects the peso to stay stronger than its fundamentals over the coming months, but not indefinitely. The bank projected the exchange rate in a range between $3,400 and $3,650 COP for the second half of 2026, converging gradually toward fair value in 2027. As long as the local interest-rate cycle keeps favoring long-peso carry positions and optimism persists, the bank said, the peso could reach the lower bound of that range.

“A persistent deviation looks unlikely, since over the long run the exchange rate has not structurally departed from the level observed in its peers.” — Grupo Cibest economic research, Radar Bancolombia

On the external side, the bank flagged persistent pressure toward depreciation from falling international oil prices and limited room for further US dollar weakness. Brent crude, which rose 5.8 percent year over year in the first quarter and 51.2 percent in the second amid the Middle East conflict, had already fallen 26 percent from a peak near $118 USD per barrel to around $72 USD. The bank cautioned that sustaining the currency’s current strength would depend on credible fiscal consolidation, given challenges related to inflation, the El Niño phenomenon, weak investment, the health system, security conditions and the lag in strategic sectors such as mining, energy and construction.

International backdrop

The US unemployment rate fell 0.1 percentage point to 4.2 percent in June, its lowest in a year, the Bureau of Labor Statistics reported, though the economy added just 57,000 jobs, below the 114,000 analysts expected. Hiring concentrated in professional services, up 36,000, social assistance, up 25,000, and health, up 22,000, while lodging shed 61,000. The labor participation rate fell 0.3 percentage point to 61.5 percent, its lowest since March 2021, as 720,000 people left the labor force.

Eurozone inflation eased 0.4 percentage point to 2.8 percent in June, a three-month low and below the 3.0 percent consensus, though still a fourth month above the European Central Bank’s 2 percent target. Core inflation fell to 2.4 percent. In China, the composite purchasing managers’ index rose to 50.6, above the 50 threshold that separates expansion from contraction, with manufacturing at 50.3 and non-manufacturing at 50.2, while construction stayed in contraction.

Colombia’s economy

The Banco de la República resumed its tightening cycle, lifting the policy rate to its highest level since March 2024. Bancolombia expects a further 75-basis-point increase, to 12.75 percent, as inflation expectations drift higher. Consumer inflation was set to rise for a fourth straight month in June, to about 6.13 percent annually and its highest reading since July 2024, on the bank’s estimate of a 0.38 percent monthly gain; analysts polled by the central bank had expected 0.32 percent. Analysts see inflation ending 2026 near 6.52 percent, against the bank’s own 6.4 percent scenario.

Colombia’s national unemployment rate stood at 8.0 percent in May, down 1.04 percentage points from a year earlier and a record low for the month, according to the national statistics department (DANE). Informality was 54.2 percent, and the bank maintained its 9.0 percent urban unemployment projection for 2026. Business sentiment moved the other way: Fedesarrollo’s commercial confidence index fell to 20.5 points and its industrial confidence index to -2.9 points in May, which the bank tied to uncertainty around the presidential election.

Goods exports likely extended double-digit growth in May, to an estimated $5.46 billion USD FOB, up 25 percent year over year, led by non-traditional products — non-monetary gold, copper ores and flowers — and by oil sales at an average price near $107 USD. The bank noted a 37 percent accumulated drop in the first quarter and expected exports to stabilize following the normalization of the tariff dispute with Ecuador.

Fixed income and yields

The US Treasury curve steepened bearishly, with short-dated yields up about 8 basis points and long-dated yields up about 11, after Iran’s foreign minister said no direct US-Iran meetings were scheduled and after US Federal Reserve chair Kevin Warsh, speaking at the European Central Bank’s Sintra forum, reiterated the central bank’s commitment to its 2 percent inflation target. Citi’s economic surprise index held in positive territory for a sixth consecutive month at 57.8. Advanced-economy 10-year yields were mixed over the month, with Japan up 10 basis points and France up 3, against declines of 12 in Germany and the eurozone and 11 in the United Kingdom.

Colombia’s fixed-rate TES curve rallied, with yields down 22 basis points at the short end, 23 in the middle and 9 at the long end, supported by calmer Middle East conditions, the fall in the country’s five-year CDS to levels last seen in 2021, and announcements from the incoming government — among them, the report said, the naming of Miguel Gómez as finance minister. The cash balance of the Dirección del Tesoro Nacional (National Treasury) rose to an average of $20.7 trillion COP in June, up $5.6 trillion from May, or 1.16 percent of GDP. Tax collection grew 7.4 percent year over year in May, to $35.1 trillion COP, led by income tax at $15.3 trillion COP and internal value-added tax at $11.8 trillion COP, according to the tax authority (DIAN).

Commodities and equities

Gold rose to about $4,112 USD per ounce after the US jobs report, while Brent crude closed at $71.94 USD per barrel and West Texas Intermediate at $68.69 USD, little changed on the week as traffic through the Strait of Hormuz recovered and the Organization of the Petroleum Exporting Countries prepared to announce a production increase at its July 5 meeting.

The COLCAP index closed the week up 0.4 percent at 2,295.7 points. The biggest gainers were Cementos Argos (BVC: CEMARGOS, PFCEMARGOS), up 3.5 and 3.1 percent, and Grupo Cibest (NYSE: CIB; BVC: CIBEST), up 3.1 percent, while Davivienda (BVC: PFDAVVNDA), the PEI real estate vehicle and Grupo Nutresa (BVC: NUTRESA) led the declines. Grupo Nutresa launched a share-repurchase offer for up to 3,333,333 shares at $300,000 COP each, with an acceptance deadline of July 3. Davivienda placed $270.1 billion COP in the sixth tranche of its twelfth ordinary bond issuance, drawing offers of $343.99 billion COP.

The figure shows the change in the Colombian peso and how local and international factors seem to be affecting it in a negative direction. Chart created by Finance Colombia.

On Wall Street, the S&P 500 rose 1.8 percent, the Dow Jones 2.0 percent and the Nasdaq 2.1 percent, their best quarter in six years, led by semiconductor and artificial-intelligence infrastructure shares even as investors questioned the sustainability of those valuations. Tesla (NASDAQ: TSLA) lifted deliveries 25 percent year over year in the second quarter, and Lime (NASDAQ: LIME), the shared electric-bike and scooter operator, debuted on the Nasdaq with a $167 million USD raise and a valuation near $1.6 billion USD.

European indices advanced, with the Stoxx 600 up 2.7 percent, the DAX 4.5 percent, the CAC 40 1.5 percent, the FTSE 100 1.6 percent and the IBEX 35 2.2 percent, led by defense shares and with Siemens (XETRA: SIE) contributing to the DAX. KNDS postponed a planned Frankfurt and Paris listing, while Renk (XETRA: R3NK) agreed to acquire Britain’s David Brown Defence for about $200 million USD. In Asia, the Hang Seng rose 3.0 percent, the Nikkei 225 0.6 percent and the Shanghai Composite 0.4 percent; China Resources New Energy staged Asia’s largest listing so far in 2026, raising about $3,600 million USD in Shenzhen.

The full report, Fortaleza del peso colombiano bajo la lupa: entre el optimismo y sus fundamentales, was published by Grupo Cibest’s Dirección de Investigaciones Económicas, Sectoriales y de Mercado, led by Laura Clavijo.

Headline image description: The chart shows how the Colombian peso has depreciated significantly in comparison to other similar currencies in the market by a margin of 500 points. Chart created by Finance Colombia.

Colombia’s financial system handled 6,078 million operations in the first quarter of 2026, according to the latest operations report from the Superintendencia Financiera de Colombia (Financial Superintendency of Colombia), the country’s banking and securities regulator.

Credit institutions and specialized electronic deposit and payment companies, known by their Spanish acronym SEDPE, accounted for those 6,078 million operations. Of that total, 3,568 million were monetary operations worth $3,153 trillion COP, and 2,509 million were non-monetary, such as balance inquiries.

“84.6% of all operations were carried out through non-presential channels, accounting for 69.9% of the value transacted.” — Superintendencia Financiera de Colombia, first-quarter 2026 operations report

Separately, low-value payment system administrators, or EASPBV, together with the Banco de la República (Colombia’s central bank), processed 963 million monetary operations worth $1,081 trillion COP.

The Financial Superintendency of Colombia estimated that 66% of monetary interactions came from mobile applications. Stock photo by Kevin Schneider via Pixabay.

Non-presential channels — those that do not require a visit to a branch or physical point — continued to account for the bulk of activity, handling 84.6% of all operations and 69.9% of the value transacted. The remaining 15.4% of operations went through in-person channels. For the quarter, internet and bank offices were the channels through which the largest amounts of money moved.

Among in-person channels, the largest share of operations was concentrated in three departments: Bogotá at 33%, Antioquia at 25%, and Valle del Cauca at 13%.

For monetary operations, mobile applications were the most-used channel at 66%, followed by point-of-sale terminals at 13%. For non-monetary operations, mobile applications accounted for 81% and internet for 16%, while interactive voice response systems, virtual assistants, and telephone call centers were the least used.

Measured by the volume of payments tied to economic activity, professional, scientific, and technical activities led with 27% of the total. They were followed by wholesale and retail trade, including motor vehicle and motorcycle repair, at 19%; financial and insurance activities at 12%; information and communications at 11%; and electricity, gas, steam, and air conditioning supply at 10%.

Headline image: Stock photo by Rupixen via Pixabay.

Colombia continued to diversify its export base in the first quarter of 2026, with nearly two of every three dollars earned from foreign sales now coming from non-mining and non-energy goods and services.

Services exports reached $5.34 billion USD between January and March, up 11.3% from $4.8 billion USD in the same period of 2025, according to balance-of-payments data from the Banco de la República (Colombia’s central bank) analyzed by the Ministerio de Comercio, Industria y Turismo (Ministry of Commerce, Industry and Tourism).

“Colombia is building a more complex international integration, with greater added value and less concentration in the mining and energy sectors.” — Diana Marcela Morales Rojas, Minister of Commerce, Industry and Tourism

Combined with $6.48 billion USD in non-mining, non-energy goods exports, the country’s non-mining export basket totaled $11.82 billion USD. That represented 61.7% of Colombia’s total exports for the quarter, above the 55.8% target set for 2026.

“We are advancing a productive transformation aimed at broadening and adding sophistication to the country’s exportable supply, strengthening business and regional capacities, and diversifying the sources of foreign-exchange generation,” said Diana Marcela Morales Rojas, Minister of Commerce, Industry and Tourism. “The results show that Colombia is building a more complex international integration, with greater added value and less concentration in the mining and energy sectors.”

Tourism has driven the 11.3% increase in Colombian service exports this year. Stock photo by Norbert via Pixabay.

Tourism powers services exports

The increase was driven mainly by tourism-related activity, particularly travel and transport, which together accounted for 67% of services exports between January and March. Within transport, passenger transport was the main driver of the growth.

Travel, which made up 50.1% of the services export portfolio, generated $2.68 billion USD in the quarter, a 9.5% increase over the first quarter of 2025. Transport accounted for 16.8% of services exports, reaching $898 million USD, up 11% year over year.

The third-largest category was other business services, at 16.4% of services exports. The segment, which covers trade-related technical services along with consulting and business support, exported $874.7 million USD in the quarter, up 11.7% from a year earlier.

Headline image:Stock photo by Rudy and Peter Skitterians via Pixabay.

Grupo Cibest, the Medellín-based financial holding company that owns Bancolombia (NYSE: CIB), has cut its 2026 economic growth forecast for Colombia to 2.6% from 2.9%, warning that the economy is losing traction as its main growth engines tire, inflation reaccelerates, and the public finances deteriorate.

The downgrade came in the bank’s mid-year update of economic projections, prepared by its economic, sectoral, and market research division under research director Laura Clavijo. The team framed 2026 as a year of macroeconomic stabilization shadowed by mounting medium-term challenges, with risks tilted to the downside for growth and to the upside for inflation and interest rates.

Growth concentrated in consumption and public spending

According to the report, gross domestic product expanded 2.2% year over year in the first quarter of 2026, and just 0.6% from the previous quarter in seasonally adjusted terms, undershooting the bank’s earlier expectations. Grupo Cibest attributes the slowdown to the exhaustion of the two drivers that carried the post-pandemic recovery: private consumption and public spending. The bank had earlier shown Colombia’s economy accelerating into the second quarter, but its NowCast model has since held growth estimates near 2.6%.

“In sum, the Colombian economy moves through 2026 in an environment of converging risks that challenges progress on structural gains.” — Grupo Cibest economic research team

The research team expects private consumption growth to ease to 2.8% in 2026 from 3.5% in 2025, pressured by high interest rates and inflation, even as remittances and a resilient labor market continue to support household spending. Public spending is projected to grow about 6.0%, after 8.4% in 2025, helped by the activation of the escape clause in the Regla Fiscal (Fiscal Rule), which gives the government more room to run an elevated deficit. Fixed investment is forecast to rise 3.5%.

The expansion would be uneven across sectors. Mining is expected to keep contracting, falling about 5.3% on lower coal and oil extraction, while construction declines 1.6% amid high financing costs and a difficult housing market. Manufacturing growth depends largely on household demand, and services, led by entertainment, remain the principal driver of the economy. On the external side, the bank sees exports growing 2.9% and imports 6.3%, narrowing the goods trade gap relative to prior forecasts.

Inflation reaccelerates, central bank turns more restrictive

The report describes a fresh setback in the inflation cycle that will slow convergence toward the central bank’s target. Consumer inflation rose to 5.84% in May from 5.10% at the close of 2025, and Grupo Cibest expects it to climb to roughly 6.4% by the end of 2026, driven by widespread price indexation, this year’s minimum-wage increase, and inflationary inertia. A strong El Niño event, recently declared, poses an additional upside risk through food and energy supply shocks, with the bank estimating a severe episode could add 0.7 to 1.9 percentage points to annual inflation. Pressures are most persistent in services, which make up close to half of the consumption basket.

Against that backdrop, the Banco de la República (Colombia’s central bank) has interrupted its rate-cutting cycle and shifted to a more contractionary stance, having already moved to lift rates earlier in the year amid inflationary pressure. Grupo Cibest projects the policy rate will reach 12.75% by the end of 2026, an additional 150 basis points from current levels and a level not seen since February 2024, and stay elevated through much of 2027 before a gradual normalization that would bring it toward 7.0% by 2030. Twelve-month inflation expectations stand at 5.5% and 24-month expectations at 4.3%, both above the central bank’s 2.0% to 4.0% tolerance range.

Fiscal deterioration the main vulnerability

Grupo Cibest singles out the fiscal front as the principal source of macroeconomic vulnerability. The bank projects a Central National Government deficit of about 6.5% of GDP in 2026, above the 5.3% the Ministerio de Hacienda (Finance Ministry) laid out in its Marco Fiscal de Mediano Plazo (Medium-Term Fiscal Framework) in early June. The research team considers the official framework optimistic, particularly on inflation and primary spending, and estimates the primary deficit will near 3.2% of GDP rather than the official 2.1%.

Revenue performance has been strong: tax collection reached roughly 139.3 trillion COP by May, up 9.4% year over year and surpassing the targets set by the national tax authority, DIAN. But high budget execution and spending rigidity have made the required adjustment difficult, with commitments through May reaching 259.8 trillion COP, about 27.5 trillion COP above plan. To hit its fiscal target, the government would need to cut some 33.2 trillion COP from the 2026 budget, which the bank calls improbable given recent execution. As a result, gross public debt could rise to 65.9% of GDP, approaching 66%, and the heavier reliance on local-currency bond issuance to cover financing needs would keep upward pressure on yields. Grupo Cibest argues the absence of structural adjustment reinforces the need for a tax reform raising close to 1.6% of GDP to stabilize the debt trajectory. The fiscal picture echoes recent warnings from rating agencies, including Fitch’s view that revised deficit targets heighten fiscal uncertainty.

External accounts improve, peso firms

The external picture is more favorable. The bank estimates the current account deficit will narrow to 2.3% of GDP in 2026 from 2.4% in 2025, well below the pre-pandemic decade average, before widening gradually toward 3.3% over the medium term. The improvement reflects stronger exports, favorable commodity prices led by oil, and record remittance inflows that have climbed to near 4.0% of GDP. The bank sees Brent crude averaging $86 USD per barrel in 2026.

The Colombian peso has appreciated 9.2% so far this year, supported by capital flows returning to Latin America, the central bank’s rate-hike cycle, strong remittances, and expectations around the change of government. Grupo Cibest revised its average exchange rate forecast down to 3,635 COP per dollar and expects the currency to trade between 3,400 and 3,650 COP per dollar in the second half, with the trajectory hinging on credible signals of fiscal consolidation. The bank had earlier flagged a firmer peso after the currency’s appreciation in April.

Stabilization, with conditions

For the medium term, Grupo Cibest expects growth to stabilize around potential, near 2.6% to 2.7% annually through 2030, with the unemployment rate averaging 9.0% in 2026, and credit growth moderating to 1.9% in real terms while loan quality holds near a 3.9% non-performing ratio. The bank notes that a new administration, after Colombia confirmed a change of government on June 21, could improve investor expectations to the extent it advances a more market-oriented agenda, though it cautions that high interest rates will continue to weigh on private investment in capital-intensive sectors such as mining and construction.

The report ties its outlook to the persistence of converging risks. “In sum, the Colombian economy moves through 2026 in an environment of converging risks that challenges progress on structural gains,” the research team wrote, pointing to the loss of momentum in growth drivers, persistent inflationary pressures, significant fiscal deterioration, and more restrictive financial conditions.

The Colombian peso was the standout performer among global currencies in June, appreciating 7.4% on the month even as the US dollar broadened its strength and oil prices dropped sharply. According to the Monthly FX Market Report published by the research arm of Bancolombia (NYSE: CIB, BVC: BCOLOMBIA), the peso closed the month at 3,415.25 per dollar, a gain of 274 pesos over the period. The report was prepared by the Economic, Industry and Market Research Area of Grupo Cibest, the financial holding group that owns Bancolombia.

The move ran against the grain of the month’s external drivers. The dollar index (DXY) strengthened 2.3% and Brent crude fell 20.7%, a combination that would ordinarily weigh on a commodity-linked emerging-market currency. Instead, the peso rose on domestic factors tied to Colombia’s presidential election, tracking a rally in local assets that priced in a higher probability of a market-friendly outcome.

The election set the tone

The peso’s appreciation was in line with the rally in local assets that followed the first round of the presidential election, which raised the perceived odds of a right-wing candidate’s victory, the report said. That pattern — commonly observed across the region — limited any upside for the dollar after the second round. Abelardo de la Espriella was elected to govern for the 2026–2030 term, winning 49.63% of the vote, or 12,960,166 ballots, in the tightest race since 1994. Iván Cepeda secured 48.67%, or 12,708,312 votes, and conceded after the official tally was released.

Overseas voting favored de la Espriella, at 64%, the report noted, while domestically he drew strong support in central regions, including Norte de Santander at 76%, Casanare at 69%, Santander at 65%, Antioquia at 64% and Huila at 61%. Voter turnout reached a historic high of 26.3 million participants, or 63.6% of the electorate, with blank votes marginal at 1.6%.

Markets reacted positively to the shift in the government’s political spectrum. JP Morgan recommended maintaining long positions in TES, Colombia’s peso-denominated treasury bonds, according to the report; the bank also held a neutral stance on the peso and closed its short positions against the Brazilian real and the Mexican peso. Through the month the dollar traded between 3,385 and 3,613 pesos, with average intraday volatility of 44 pesos.

“The Colombian peso appreciated in June on idiosyncratic factors, defying the global backdrop.” – Economic, Industry and Market Research Area, Grupo Cibest (Bancolombia), Monthly FX Market Report, June 2026

The central bank resumes its hiking cycle

Following a pause in April, the Banco de la República, Colombia’s central bank, resumed its tightening cycle and, by majority decision, raised its policy rate by 75 basis points to 12%. The report characterized the decision as reinforcing a more restrictive stance amid persistent inflationary pressures, in an environment where tensions between the bank and the Executive appeared to have eased. That rate level, it said, is supportive of long peso positions.

Major central banks abroad kept a cautious posture. The Federal Reserve unanimously held its policy rate in the 3.50% to 3.75% range and revised its expected rate path higher, with the median projection for 2026 pointing to a 25-basis-point increase. The European Central Bank raised its policy rate by 25 basis points to 2.25%, a level not seen since April 2025, while the Bank of Japan lifted its rate by 25 basis points to 1.0%, its highest since 1995.

Defying the global backdrop

The peso appreciated on idiosyncratic factors even as the broader environment turned less favorable, the report said. Markets closely tracked the Middle East conflict, where the US and Iran reportedly reached a peace memorandum that included the reopening of the Strait of Hormuz, the lifting of the US blockade on Iranian ports, the release of frozen Iranian assets and a 60-day window to discuss Iran’s nuclear program. In that context Brent prices fell 20.7%, closing at $72.97 USD per barrel, while WTI settled at $69.60 USD, down 20.3% on the month. The report cautioned that the normalization of trade flows would be gradual, citing reported Israeli attacks and episodes of tension between the US and Iran that leave a definitive peace uncertain. Gold prices fell 11.8%, closing at $4,023 USD per ounce, on shifting rate expectations and reduced demand for dollar-denominated safe-haven assets.

The dollar index, meanwhile, strengthened 2.3%, driven by expectations of higher-for-longer US interest rates. Even so, the peso outpaced its regional and developed-market peers by a wide margin. Among the currencies that gained against the dollar in June, the Swedish krona rose 5.2%, the Chilean peso 3.7%, the Swiss franc 3.5%, the Canadian dollar 2.9%, the Brazilian real 2.6%, the Japanese yen 2.1% and the euro 2.1%, while the Mexican peso and the Peruvian sol added 0.9% and 0.5%, respectively. The Colombian peso’s 7.4% advance left the field behind.

The month ahead

The research team expects the dollar to trade within a range of 3,440 to 3,580 pesos in July, against a backdrop of elevated global uncertainty. Markets are likely to maintain a constructive bias following the change in government, the report said, though cabinet appointments and signals on fiscal consolidation from the incoming administration will be key to sustaining the trend.

The bank framed the risks in two directions. Upside risks for the dollar remain linked to the deterioration of public finances: the Ministry of Finance has explicitly highlighted the need to strengthen fiscal revenues through an adjustment of around 1.6% of GDP, a scenario the report said would be necessary to stabilize net debt below 60% of GDP over the next decade. Colombia’s fiscal trajectory has already drawn scrutiny from ratings agencies, with S&P Global Ratings cutting the country to BB- earlier this year on fiscal concerns. Downside risks for the dollar, by contrast, persist in connection with carry-trade strategies, particularly as the central bank resumes its rate-hiking cycle and widens the rate differential that rewards holders of peso assets.

The Monthly FX Market Report was prepared by the Economic, Industry and Market Research Area of Grupo Cibest, with contributions from International FX and Rates Analyst Maria Paula Gonzalez, Chief Economist Laura Clavijo and Macroeconomic Research Manager Jose Luis Mojica, drawing on data from SetFx, LSEG Workspace, the Banco de la República, the Departamento Administrativo Nacional de Estadística (National Administrative Department of Statistics) and JP Morgan.

A mixed month for US Treasuries

Between May 26 and June 24, the US Treasury yield curve moved in two directions, according to the report. Yields on maturities between two and five years rose by an average of 6 basis points, while the 20- and 30-year segments fell by an average of 16 basis points. The research team tied the move to a communiqué indicating that the US and Iran had reached a memorandum of agreement during the final week of the period, aimed at extending the current ceasefire. Oil prices swung on mixed headlines through the period, and markets also took in inflation data that landed in line with the analyst consensus. In the US labor market, the report noted a stable unemployment rate alongside a significant increase in job openings.

Against that backdrop, the Federal Open Market Committee voted unanimously to hold the federal funds rate in the 3.50% to 3.75% range, a decision the bank flagged as the first without dissent in the past year and consistent with the Federal Reserve‘s prudent stance. The accompanying projections revised the 2026 growth outlook lower and the 2028 outlook higher; the unemployment forecast was cut only for 2026, while the inflation view was revised upward.

Cross-border demand for US debt strengthened. The US Treasury reported that foreign investors made net purchases of long-term bonds of $50.5 billion USD in April, the highest figure since November 2025. Private investors accounted for $30.8 billion USD of net buying in long-term Treasuries, a moderation from the pace seen in March. By geography, the net purchases concentrated in the United Kingdom and Japan, at $26 billion USD and $14.7 billion USD respectively, while investors domiciled in Canada were the largest net sellers as the country’s foreign reserves fell by $42.3 billion USD, followed by Norway and Korea.

Across emerging markets, 10-year sovereign yields moved unevenly over the month as investors responded to country-specific factors. Brazil led the increases at 46 basis points, followed by Indonesia at 43, Vietnam at 13 and Romania at 6, while Chile, Peru, India, Poland and the Czech Republic recorded declines. The report highlighted a 134-basis-point drop in Colombia, which it attributed to the market’s reaction to the first- and second-round presidential results that left Abelardo de la Espriella as president-elect for the 2026–2030 term.

The TES curve gains across the board

At home, the fixed-rate TES curve — Colombia’s peso-denominated treasury bonds — appreciated along its entire structure. Between May 22 and June 23 the curve gained an average of 188 basis points as yields fell across every segment: the short end (one to four years) by 172 basis points, the middle (five to nine years) by 218, and the long end (more than 10 years) by 169. The report attributed the move on the external side to the evolution of the Middle East conflict and the expectation of de-escalation agreements, and to the Fed’s decision to hold rates, which reinforced a cautious tone. Locally, it said the rally responded mainly to the first-round presidential result and held through the following three weeks, producing a stronger appetite for local debt.

An optimistic fiscal frame the bank questions

The report said the fiscal deficit would narrow in 2026 according to the figures in the Marco Fiscal de Mediano Plazo (Medium-Term Fiscal Framework). After its most recent update, the bank wrote, the National Government presented an optimistic outlook that does not fully incorporate the fiscal fragilities for 2026. The framework projects a deficit of 5.3% of GDP and a primary deficit improving to 2.1% of GDP. The research team countered that, while debt-management operations have improved the structure of debt service, they have been insufficient to halt the structural growth of interest payments, which would reach 3.9% of GDP in 2027 and remain above 4% in the following years. It added that debt reduction could be constrained by new financing needs in a low-liquidity environment, and that the framework itself acknowledges the need for an additional revenue adjustment of close to 1.6% of GDP to stabilize the debt.

The bank’s own outlook is more cautious than the government’s headline number. In its factor-by-factor view of the coming month, the research team described the fiscal panorama as a continuing source of concern and said the projected 2026 adjustment looks demanding, with revenue and spending pressures pointing to a deficit closer to 6.5% of GDP. Colombia lost a notch of its sovereign credit rating earlier this year, when S&P Global Ratings cut the country to BB- on fiscal concerns.

On budget execution, the report said the Presupuesto General de la Nación (General Budget of the Nation) had reached 46.7% of accumulated appropriations through May. Commitments under the budget totaled $259.8 trillion COP year-to-date, 5.5 percentage points above the same period of 2025. By component, investment led with 58.1% execution, followed by debt service at 50.0% and operating expenses at 43.1%. In terms of effective execution, accrued obligations through May reached $187.2 trillion COP, or 33.7% of appropriations, while payments stood at $185.7 trillion COP, or 33.4%.

Pension funds and banks lead TES buying

In May, pension fund managers (AFPs) and commercial banks led the month’s TES purchases, the report said. The total stock reached $763.6 trillion COP, an annual increase of 18.7% and a 1.9% gain over April. In the secondary market, net purchases came to $14.1 trillion COP, driven mainly by AFPs at $7.5 trillion COP, commercial banks at $5.7 trillion COP, insurance companies at $1.6 trillion COP and the Banco de la República at $1.3 trillion COP. Foreign funds were the largest net sellers, with a balance of -$4.7 trillion COP, a result the report attributed to the full cancellation during the month of a total return swap (TRS).

A negative tilt for the month ahead

Looking to the next month, the research team rated the balance of factors for the fixed-rate TES curve as negative overall, with the most negative readings at the short end. It pointed to a Federal Reserve holding a restrictive stance amid persistent inflation and a resilient labor market, and to external uncertainty tied to the Middle East and energy prices. On the domestic side, it noted that the economy grew 2.5% year-on-year in the first four months — less dynamic than initially expected after a retreat in primary activities — while public spending and private consumption should continue to support activity through the rest of the year.

The bank flagged inflation and monetary policy as the clearest pressures on local bonds. Annual inflation has stalled in its convergence toward the Banco de la República’s 2.0%–4.0% tolerance range and has begun to accelerate on high indexation and economic momentum, with gasoline-price adjustments, costlier fertilizers and an El Niño event capable of adding further pressure and putting inflation near 6.4% at year-end. With expectations rising, the policy rate stands at 11.25% and, the report said, could reach 12.00% at the June meeting and approach 12.75% in the second half of 2026 as the central bank works to anchor expectations. Set against those headwinds, the bank noted that Colombia’s sovereign risk premium fell over the month to below the Latin American average following the end of the electoral process, even as questions about the sustainability of public finances remain.

The report was prepared by the Directorate of Economic, Sector and Market Research of Grupo Cibest, led by Laura Clavijo, drawing on data from the Federal Reserve, the US Treasury, the Ministry of Finance and Public Credit (Ministerio de Hacienda y Crédito Público), the Banco de la República, LSEG Workspace and JP Morgan.

A new English-language microsite aimed at foreign portfolio investors in Colombia’s capital markets went live June 3, the product of a public-private working group that has been operating since late 2023. The platform, called “Foreign Portfolio Investor,” is accessible through the website of the Financial Superintendency of Colombia (Superintendencia Financiera de Colombia, SFC) at superfinanciera.gov.co.

The microsite offers information in English on the structure of the Colombian capital market, its participants, operating procedures covering enrollment, ongoing participation and divestment, issuers and issuances, links to statistical data, applicable regulations, and frequently asked questions. The initiative operates under the broader program titled Mercado de Capitales en Colombia, Colombia Destino de Inversión (Capital Markets in Colombia, Colombia Investment Destination).

The web page can be reached at: https://www.superfinanciera.gov.co/publicaciones/10115712/foreign-portfolio-investor/ 

“Historically, foreign investors have faced the challenge of understanding the functioning of the Colombian securities market,” said SFC Financial Superintendent César Ferrari (above photo). “The new microsite is a first step in addressing this challenge by offering, in clear English, information necessary to make foreign portfolio investments in Colombia.”

The working groups behind the project brought together several government bodies, including the Banco de la República, the Financial Regulatory Unit (Unidad de Regulación Financiera, URF) of the Ministry of Finance, and the National Tax and Customs Directorate (Dirección de Impuestos y Aduanas Nacionales, DIAN). From the private sector, the Securities Market Self-Regulator (Autorregulador del Mercado de Valores, AMV) and the Colombian Stock Exchange (Bolsa de Valores de Colombia, BVC: BVC) contributed to the platform’s development.

Carlos Emilio Betancourt Galeano, Director General of the DIAN, said the microsite addresses a core barrier to attracting foreign capital. “Providing clear and easily accessible information reduces barriers, improves understanding of the regulatory environment and strengthens the confidence of international investors,” he said.

URF Director Larisa Caruso said the platform addresses language as a structural obstacle to market participation. “This microsite represents an important milestone to strengthen the internationalization of the Colombian capital market and will allow foreign investors to better understand the regulation and the particularities of the local market, promoting greater transparency, trust and access to information, while contributing to reducing entry barriers associated with language,” she said.

AMV President Hernán Alzate described the launch as part of a longer-term positioning effort. “It represents a decisive step to position Colombia as an attractive and reliable destination for international investment,” he said. “Facilitating access to clear and timely information is critical to strengthening foreign investor confidence in an increasingly interconnected world.”

Andrés Restrepo Montoya, CEO of the BVC, framed the microsite as part of the exchange’s ongoing efforts to draw international capital. “To attract investment we must also facilitate access to clear and reliable information,” he said. “This is an important step to bring foreign investors closer to the Colombian capital market.”

The initiative comes as Colombia’s capital markets face scrutiny from international investors and ratings agencies over the country’s fiscal trajectory. The working group structure that produced the microsite has been active since late 2023, with the SFC serving as lead coordinator across multiple public and private stakeholders.