Colombia raises rates to 21-month high

Colombia's central bank raised its key intervention rate on Friday to 6.75% from 6.5%. The move was expected by market observers as inflationary pressures have been building through high consumer spending, rapid growth in imports and a sharp increase in industrial output.

Figures showed inflation of 0.41% in July, a number above market expectations. The central bank expects additional increases in inflation this year but is confident that it will not breach its inflation target of 4-5% for 2006

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