With inflation of 13.12 percent at the end of 2022 -the highest in the last 23 years- not everything is bad. You can also take advantage of this situation by making investments with some extra money that you can obtain.

This is thanks to the fact that the Banco de la República also begins to increase your interest rates to the extent that inflation begins to rise in the country, in order to discourage family consumption.

(Also read: Colombia closed 2022 with the third highest explosion in Latin America)

«That would cause the economy to slow down and inflation would also start to moderate,» said David Cubides, director of Economic Studies at Grupo Alianza.

Between September 2021 and December 2022, interest rates went from 1.75 to 12 percent and this upward trend can be used to invest money in CDTs, because financial institutions are paying interest above the inflation percentage.

«It is there where a Colombian could take advantage of this situation to try to shield himself a bit from inflation and have a CDT, some investment or savings that allows him to have high returns,» added David Cubides.

A CDT (Certificate of Term Deposit) is a document in which it is stated that a bank load has left money for a certain time,
and that after this time elapses, you will be able to receive it back together with an additional sum of the profit product.

The profitability of a CDT depends on the time established for it. the greater the sea, the higher the interest that the financial institution will pay. It is also important to keep in mind that the money that is deposited is not needed for the investment period so as not to have the need to withdraw the money before the established term.

For example, at 90 days (three months), those who pay the most are Bank of the West (15.27 percent)Banco Santander (17.69 percent), Mibanco (15.19 percent), Banco Pichincha (14.79 percent), Itaú (14.66 percent) and Banco Mundo Mujer (14.54 percent).

If the term is 120 days (four months), the highest returns are in Mibanco (15.53 percent), Banco W (15.23 percent), Itaú (14.83 percent), Banco GNB Sudameris (14 78 percent) and Banco Pichincha (14.77 percent).

(Also read: Record inflation: there are families that have achieved benefits)

The expert also recommends lock up credit card and not take credits, because the rates are so high, in the end it will be more expensive. For example, the usury rate for the consumer and ordinary credit modality is 43.26 percent annually, effective for January.

«Colombians who are getting into debt right now are going to pay more interest rates on their mortgage, consumer, vehicle and credit card lines of credit, because interest rates move in the same direction, both for people who can obtain returns and for those who go out to get money,” explained the director of Economic Studies of Grupo Alianza.