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Banco de la República voted 4-3 to maintain rates at 9.50%, easing fears of central bank politicization under Gustavo Petro.

Even without reform debates in Congress, there’s been a lot happening.

Banco de la República cut by 50 bps to 12.25%, but despite words expressing the "magnitude" of the cut, it was the absolute minimum they could have done.

What will Banco de la República head Leonardo Villar and the rest of the Magnificent Seven do at their next meeting?

The first quarter of 2024 recovery is likely to be modest as well — in large part due to the central bank's refusal to lower rates until December.

We have seen a slight rebound over recent sessions as the peso recovers from the perfect storm of a lost investment grade, a wobbly oil price and forthcoming elections. Another major factor for the peso will be exports and there was good news on that front for July.