Colombia's central government gross debt reached a record high of 1,238 trillion pesos ($290 billion) in February, the highest since records began in 2002, according to data published by the Finance Ministry’s Investors Relations Colombia office. This comes despite the cancellation of a Total Return Swap in Swiss francs, which reduced gross debt by approximately 100 trillion euros. Since President Gustavo Petro took office in August 2022, the central government's gross debt has grown by over 433 trillion peso ($101 billion), a 54% increase in three and a half years. External debt is 30% of the total, with 59.5% of this being US dollars. This leaves Colombia exposed to further peso depreciation. The debt trajectory increases the pressure on Colombia's expected 100-basis-point rate hike to 11.25%.