Colombia’s central bank made no change to the interest rate at its monetary policy meeting Friday.
Colombia’s central bank kept its benchmark interest rate unchanged at 3.5%, as policy makers judged that eight cuts this year to a record low are enough to fuel an economic rebound and end a bout of deflation.
The seven-member board’s unanimous decision met the expectations of 30 of 32 economists surveyed by Bloomberg. Two analysts expected a second consecutive half-point reduction.
“The board expects that the current level of the interest rate will continue to stimulate economic growth in an environment characterized by a healthy financial system,” the board chief, Jose Dario Uribe, told reporters today in Bogota.