Colombia cuts rates to record low of 2.25%

Central Bank of Colombia, Bogota

Central Bank of Colombia board directors unanimously decided to cut rates by 25 basis points to a new record low of 2.25% on July 31.

The decision reflects Colombia’s worsening economic outlook. The central bank revised down its economic forecast: it now expects GDP to contract 6–10%. Previously it expected a recession of between 2% and 7%.

Below-target inflation, at 2.19% in June versus the target of 3%, and weaker demand than previously forecast are the key factors behind the decision.

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