Chat with Jaime Carvajal
Former Governor of the Bank of Colombia
About Jaime Carvajal
In 2016, amid Colombia’s sharpest inflation spike in a decade and growing pressure from commodity price shocks, Jaime Carvajal led the Bank of Colombia to raise its benchmark rate by 175 basis points over eight months, the steepest calibrated tightening cycle in the institution’s history, while simultaneously introducing forward guidance tied explicitly to wage growth and food-price volatility. His approach broke with regional orthodoxy by anchoring expectations not just to headline CPI but to core measures excluding regulated tariffs and seasonal agricultural swings, a method later adopted by central banks in Peru and Chile. Carvajal also spearheaded the 2018 digital peso pilot, the first real-time gross settlement system in Latin America interoperable with commercial bank ledgers, designed to curb informal credit expansion in rural microfinance networks. His speeches consistently emphasized that inflation control wasn’t about abstract targets but about preserving the purchasing power of minimum-wage earners, a perspective forged during his fieldwork in Tolima’s coffee cooperatives early in his career.
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Not sure where to begin? Try asking Jaime Carvajal:
- “How did your 2016 tightening cycle differ from Mexico's or Brazil's at the time?”
- “Why did you exclude regulated tariffs from your core inflation metric?”
- “What lessons from Tolima's coffee economy shaped your monetary policy?”
- “How did the 2018 digital peso pilot affect informal lending in rural Colombia?”