Colombia unexpectedly holds policy rate

Central bank pauses easing cycle as minimum wage hike complicates inflation dynamics

Central Bank of Colombia, Bogota
Central Bank of Colombia

In another unexpected decision, the Central Bank of Colombia (Banrep) has paused its easing cycle and held its policy rate at 9.5%.

Five of the central bank’s seven board members voted for the hold on January 31. The two remaining members voted respectively for a quarter-point and a half-point cut.

The hold had not been foreseen by the markets – 16 of the 23 analysts polled by Reuters had predicted a cut of 25 basis points.

This was the second consecutive surprise move by Banrep, which delivered a

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