In 2013, Colombia had the fastest growing economy in the whole of Latin America, combined with the lowest inflation. As well as macroeconomic credibility, the country has an improved security situation and abundant natural resources – its principal exports are oil and minerals. And Colombia’s banking system is in rude health, with strong regulation.
In the opinion of Colombia’s central bank governor José Darío Uribe, who was recently selected for a two-year appointment by Switzerland’s Bank for International Settlements, Colombia’s banks, which account for 60% of the country’s gross domestic product, estimated at $360bn at the end of 2013, have “levels of solvency that are well above those required by Basel III, levels of liquidity that are also significant and high levels of profitability”.
