Colombia raises rates

Colombia's central bank raised the overnight interbank rate by a quarter of a percentage point to 9.25%, the highest level since 2001.

This will increase the appeal of local assets, and the peso rose 7%, its biggest gain in two weeks, to 1,976 per dollar in New York. The yield on the country's benchmark 11% peso bonds due in July 2020 fell one basis point to 9.89%, according to the central bank.

The overnight rate was raised to 9% in June, up from 6% in April, in efforts to bring inflation with

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