Colombia central bank plans reserves sale

Colombia's central bank said on Friday 16 September it cut interest rates by half a percentage point and would sell at least $3 billion in international reserves to the government.

The Finance Ministry said it will not necessarily buy the reserves from the bank before the end of the year.

The bank's minimum repurchase agreement stands at 6 percent after Friday's cut. The repo rate, which is only available in quotas, is the one at which the bank lends short term to commercial banks.

"The decision