Integrated annual report 2022

Abstract

This was a complex year for the Central Bank. Inflation vastly exceeded our 3% target, which forced our institution to make drastic monetary policy decisions, as part of a cycle of rate increases that began the previous year. Between January and October, the monetary policy rate (MPR) rose from 4.0% to 11.25% in an effort to reduce inflation, which peaked in August at 14.1% annually and closed the year in December at 12.8%. Since then, the MPR has been held constant to allow the adjustment process to consolidate, although inflation remains high in an extremely volatile external scenario. The battle against inflation, which has been backed by an orderly fiscal policy, continues to be the main challenge facing the Central Bank, and we are committed to doing everything within our power to ensure that inflation returns to the 3% target within a two-year horizon. The Bank has an excellent team for addressing this and the other issues assigned to us under our legal framework, always acting in a strictly technical capacity.