Friday, Oct. 30, 2026. Colombia shrugged off Wall Street’s tech rout: the MSCI COLCAP rose 0.04% to 2,490.92, carried by Ecopetrol (+2.21%) and $113 Brent. The bigger story for dollar investors came at 1:25 p.m. local time: Banco de la República unexpectedly held its policy rate at 12.25% in a 4–3 vote. The peso closed at 3,194 per dollar in local trading and weakened toward 3,232 offshore after the decision.
What happened
ECOPETROL +2.21% to COP 2,780 led the index as oil stayed elevated on the Iran conflict. Holding companies helped too: Grupo Argos +0.99% and Grupo Sura +0.81%, which touched a new 52-week high intraday. Banks lagged: Davivienda preferred −3.43%, Grupo Aval −2.29%, Banco de Bogotá −1.19%, while ISA fell 2.09%.
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Open TradingView → · Affiliate linkThe rate surprise: a split pause
- Decision: policy rate held at 12.25%; four directors voted to hold and three for a 25 bp hike.
- Why: headline inflation was 6.3% in September and core eased to 6.0%, but year-end inflation expectations rose. The board flagged food, regulated prices and El Niño as upside risks.
- Takeaway: with three votes for a hike, more tightening is still possible. For now, Colombia’s rate premium over the U.S. stops widening, which removes one pillar of the peso’s 2026 rally.
The peso
Colombia’s spot FX market closes at 1:00 p.m., before the announcement. The dollar opened at 3,170.50 and closed at 3,194 (+0.76%), averaging 3,183.40. After the decision, USD/COP traded near 3,232 offshore, roughly 2.4% above Thursday’s close. Local trading resumes Tuesday, Nov. 3 (Monday is a holiday). Why the peso has been so strong →
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What it means for EC, CIB and COLO holders
- EC −0.81% to $17.14 in New York despite the local share’s 2.2% gain: the weaker peso offset it. Still +70% year to date. EC dividend 2026 →
- CIB −2.0% to $91.69. A pause in rate hikes is neutral for bank margins short term, but a weaker peso cuts the dollar value of the Dec. 29 dividend. CIB dividend per ADR →
- COLO −1.5% to $47.34; still +33% in 2026. COLO explained →
Next week
- Mon., Nov. 2: Colombian holiday; local stocks and FX closed (EC, CIB and COLO trade in New York).
- Tue., Nov. 3: local market reopens on its winter schedule, 9:30 a.m.–4:00 p.m. ET; first chance for the peso to react onshore to the rate hold. U.S. midterms the same day.
- Thu., Nov. 5: Grupo Cibest (CIB) third-quarter results.
More: Colombia stock market today · Markets today.
Frequently asked questions
How did the Colombian stock market close on Oct. 30, 2026?
The MSCI COLCAP rose 0.04% to 2,490.92. It lost 1.48% for the week and 2.51% in October but is up 20.25% in 2026.
What did Colombia’s central bank decide on Oct. 30, 2026?
Banco de la República held its policy rate at 12.25% in a 4–3 vote; three directors favored a 25 bp hike.
What is the USD to COP rate after the decision?
The dollar closed at 3,194 pesos in local trading before the announcement and traded near 3,232 offshore afterward. Local trading resumes Tuesday, Nov. 3.
Is the Colombian stock market open on Nov. 2, 2026?
No. Monday, Nov. 2 is a Colombian holiday. U.S.-listed EC, CIB and COLO still trade in New York.
Information only, not investment advice. Data delayed.
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