Colombia holds rate on uncertain economic outlook

colombia

The board of directors of the Central Bank of Colombia left rates unchanged on July 27 as growth recovers due to higher oil prices and inflation remains close to target.

The benchmark interest rate remains at 4.25%. Inflation rose to 3.2% in June, above the 3% target, but it is unlikely to significantly exceed that level in the medium term, according to the central bank. “Analysts’ inflation expectations stand, on average, at 3.37% and 3.33% for December 2018 and 2019, respectively,” says the

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