Central Bank of Colombia steps up tightening cycle

Central Bank of Colombia, Bogota
Central Bank of Colombia, Bogota

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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