The Board of Directors of the Banco de la República unanimously decided to maintain its interest rate at 1.75%, with which the indicator completes two consecutive months without changes. Although inflation expectations for this year remain below 2%, in 2021 a growth in the cost of living of Colombians is expected close to 3%, which is the goal of Banco de la República.
President Iván Duque announced that Colombia, by 2030, expects to reduce greenhouse gas emissions by 51%. The strategy to reduce greenhouse gases is part of the Nationally Determined Contribution of the Government of Colombia for the period 2020-2030 to comply with the Paris Agreement. This plan incorporates two other components: adaptation to climate change and low-carbon development.
Colombia´s central bank announced that workers' remittances to Colombia reached $ 661.4 million in October, a 14.4% YoY growth. According to the issuer's records, these remittances represented just over $ 578.2 million in October 2019. Remittances in the January-October period amounted to $ 5,612.9 million.
Colombian president, Iván Duque, announced that the government will allocate $11 mn to capitalize the state airline Satena, to “guarantee its operation and also absorb a large part of the shock we are experiencing this year, which has been so difficult". Satena connects 692 municipalities (62% of the country), in 20 departments.
According to a report by industry associations ANDI and Fenalco, 657 hybrid and electric vehicles were registered in Octobe, a 163.9% YOY growth. EV and hybrid vehicles are forecast to 5,000 units at the end of 2020. Hybrids have 89.8% of the market of alternative vehicles, while electric ones remain with 10.2%.