In a divided decision, the Central Bank of Colombia’s monetary policy board voted to cut interest rates by 50 basis points on the back of a weaker economic environment, it announced June 30.

The seven-member board – in a vote split 4:3 – deemed the “growing weakness of economic activity” and the risk of a slowdown “beyond that compatible with the deterioration in the dynamics of income caused by the fall in oil prices” as reason to cut the rate to 5.75%. It was the sixth consecutive cut to