Colombian central bank holds rates under new governor

Central Bank of Colombia, Bogota

The Central Bank of Colombia kept interest rates unchanged after its first monetary policy meeting under new governor Leonardo Villar on January 29.

The key policy rate remains at its record low of 1.75%. The seven-member board split 5–2 in its vote, although the central bank did not say which members differed from the majority and on what grounds.

In 2020, inflation was recorded at 1.6%, below the central bank’s target of 3%. The board expects it to remain low during the first half of 2021

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