Here are some of the pushes and pulls BanRep is dealing with Before Banco de la República (BanRep) embarked on its latest rate-hiking spree, we sent out this note. It highlights key inputs such as the 24% minimum-wage announcement, a series of 2025 downgrades, a lurch into the BB credit-rating zone, and a heavy re-funding requirement (the 5.5% area for the fiscal deficit). Fast-forward through 2026, the congressional elections have come and gone, resulting in policy stasis. This is not great.