Central Bank of Colombia steps up tightening cycle

The Central Bank of Colombia accelerated its tightening cycle on January 28, raising the policy rate by a full percentage point.

The decision, which split the policy board 5–2, took the central bank’s main rate to 4%. Two board members voted for a 75 basis point hike instead.

The rate move was bigger than many analysts had expected and came after a 50bp hike at the previous meeting.

The board said monthly inflation in December had come in 30bp higher than expected, taking the annual figure to

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