Colombia finance minister says no more rate hikes needed

Banco de la Republica
Central Bank of Colombia, Bogota
Rachael King

Colombia’s finance minister José Antonio Ocampo has said the country does not need further policy rate increases.

“The fact inflation continued to increase in December was problematic, we don’t deny that, but I think it was the peak,” Ocampo told Reuters on January 17. Colombia’s year-on-year inflation reached 13.1% in December, up from 12.5% the month before. The next policy decision will be announced on January 27.

He also said the central bank had discussed intervening in currency markets

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