哥伦比亚：技术援助报告开放式基金流动性

The contents of this document constitute technical advice provided by the staff of the InternationalMonetary Fund to the authorities of Colombia (the "CD recipient") in response to their request fortechnical assistance. Unless the CD recipient specifically objects to such disclosure, this document (inwhole or in part) or summaries thereof may be disclosed by the IMF to the IMF Executive Director forColombia, to other IMF Executive Directors and members of their staff, as well as to other agencies orinstrumentalities of the CD recipient, and upon their request, to World Bank staff, and other technicalassistance providers and donors with legitimate interest (see Staff Operational Guidance on theDissemination of Capacity Development Information). Publication or Disclosure of this report (in whole orin part) to parties outside the IMF other than agencies or instrumentalities of the CD recipient, World Bankstaff, other technical assistance providers and donors with legitimate interest shall require the explicitconsent of the CD recipient and the IMF’s Monetary and Capital Markets department.The analysis and policy considerations expressed in this publication are those of the IMF’s Monetary andCapital Markets Department.International Monetary Fund, IMF PublicationsP.O. Box 92780, Washington, DC 20090, U.S.A.T.+(1) 202.623.7430 • F. +(1) 202.623.7201publications@IMF.orgIMF.org/pubs IMFContentsGlossary .......................................................................................................................................................4Preface .........................................................................................................................................................5Executive Summary ....................................................................................................................................6Recommendations ......................................................................................................................................8I. Introduction ..............................................................................................................................................9A. Outline and scope of mission..................................................................................................9B. Context....................................................................................................................................9II. Risk Mitigation and Recommendations..............................................................................................17A. Supervision of OEF Liquidity ................................................................................................17B. MMFs’ Risk Profile ................................................................................................................19C. Liquidity of FI-OEFs..............................................................................................................22D. Liquidity Management Tools.................................................................................................24E. Interagency Liquidity Working Group on OEFs and Development of Risk Appetite ............27Conclusion.................................................................................................................................................30Figures1. Effect of the Covid-19 Pandemic on net flows in Colombian OEFs........................................................102. Effect of the Covid-19 Pandemic on OEFs’ Liquidity Indicators .............................................................113. Liquidity Indicator Defaults by CIFs (OEFs)............................................................................................114. Participation of OEFs in banking deposits ..............................................................................................125. Portfolio composition of Colombian MMFs and FI-OEFs, 2023-2024 ....................................................14Tables1. Recommendations ....................................................................................................................................82. OEFs in Colombia ...................................................................................................................................143. Regulatory OEF Liquidity Requirements.................................................................................................15 Technical Assistance Report | 3 IMFGlossaryBanRepCCSSFCISColombian AuthoritiesBanRep, the SFC and the URF collectivelyCOPEUFI-OEFFSBHQLAIOSCOLMTLRIMMFNAVOEFRNVESFCURFWALWAM Technical Assistance Report | 4Banco de la República de Colombia (the central bank of Colombia)Financial System Coordination and Monitoring CommitteeCollective Investment SchemeColombian PesoEuropean UnionFixedincome open-ended fund without permanenceFinancial Stability BoardHigh Quality Liquid AssetsInternational Organization of