Colombian central bank raises rates by 100 basis points

Central Bank of Colombia, Bogota

The Central Bank of Colombia increased interest rates by 100 basis points on April 29 in a bid to tame rising inflation.

As a result, the policy rate now stands at 6%. Three of the seven board members voted for an even larger rate increase of 150bp.

In March, year-on-year inflation rose to 8.5%, up from 8% in February. The central bank’s medium-term inflation target is 3%. The board forecasts inflation will progressively decline to 4% by the end of 2023, and to 3.7% two years from now.

The

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