Insurance capital.
Markets in perspective.

Hello, I'm Miryam Campbell, Molto RE’s Managing Editor, joining you from London. This is Molto News, Markets, with your South America report. These are selected developments from the region, drawn from dated original releases.

Published on 30 October 2026. The Board of Directors of Banco de la República has decided to maintain the monetary policy interest rate at 12.25% following a majority vote. Annual inflation in September rose to 6.3%, slightly below market expectations. Core inflation, which excludes food and regulated prices, decreased from 6.1% in August to 6.0% in September. The El Niño phenomenon poses a significant risk to the inflation trajectory of food and regulated items. Economic analysts expect inflation to reach 6.9% by December 2026, with two-year inflation expectations remaining around 4.0%. Inflation expectations derived from public debt securities are above the 3% target. The Colombian economy's annual growth is estimated to have slowed in the third quarter, indicated by domestic demand indicators showing slower consumption growth in both the private and public sectors. The Economic Monitoring Indicator for August and manufacturing and retail trade surveys suggest weak performance across economic sectors.

Published on 30 October 2026. The Board of Directors of Banco de la República has authorized the purchase of USD 2 billion directly from the National Government to bolster the country's international reserve accumulation program. This decision, made in the face of heightened global uncertainty and high interest rates, aims to ensure the nation can weather potential external instability. The purchase will occur during the remainder of 2026 at the Representative Market Exchange Rate in effect on the transaction date. This move is part of a program initiated in August 2026, which will continue under the same terms and schedule. The size of the transaction has been carefully considered to maintain peso liquidity and align short-term interest rates with the monetary policy rate set by the Board.

That is your South America markets report. You can read the full transcript and follow the original sources on the Markets page. I'm Miryam Campbell for Molto RE.